RE: M&A24 Oct 2024 13:06
So excited about the IPO! WooHoooo! But until we get news of the IPO, here's a tidbit...
"They [Novartis] lost out in a few transactions incl. Point Biopharma to Lilly"
Prompt: Did Novartis want to buy Point Biopharma?
ChatGPT: No, it wasn't Novartis, but Eli Lilly that pursued Point Biopharma. In October 2023, Lilly announced its plan to acquire Point Biopharma, a company focused on radiopharmaceutical therapies, for $1.4 billion. The deal was part of Lillyβs strategy to expand into the radiopharmaceutical space, particularly targeting cancer treatments using radioligand therapies. Point Biopharma specializes in manufacturing these therapies in-house, which was seen as a valuable asset for Lilly's growing oncology portfolio. Novartis, on the other hand, has also been active in the radiopharmaceutical sector, but it pursued different acquisitions, such as Mariana Oncology, as part of its own expansion in cancer treatmentsβ {pharmaphorum}{BioPharma Dive)(MedCity News}.
Novartis Extends Its Reach in Radiopharmaceuticals With $1B Mariana Oncology Acquisition: https://medcitynews.com/2024/05/novartis-acquisition-mariana-oncology-radiopharmaceuticals-lung-cancer/
"Novartisβs two commercialized radiopharmaceuticals are from acquisitions: Lutathera came in 2017 followed by Pluvicto in 2018. The Swiss pharma giantβs purchase of Mariana continues a newer streak of radiopharmaceuticals dealmaking by other big pharma layers. Last year, Eli Lilly entered the radiopharmaceuticals space with the $1.4 billion acquisition of Point Biopharma. Bristol Myers Squibb soon followed with its $4.1 billion acquisition of RayzeBio. In March, AstraZeneca agreed to pay $2 billion to buy partner Fusion Pharmaceuticals."