RE: ESMO21 Oct 2023 20:54
The background of the Point Biopharma (PNT) $1.4 billion sales process, which was disclosed in a filing on Friday, indicated that an unidentified Company B last month offered $13 a share plus a $7 contingent value right, payable for certain milestones tied to sales and FDA approval of PNT2002, for PNT.
Proposals in late September by Company B offered an aggregate of $20 per share in cash, stock, and a CVR that depended on the results of the SPLASH read-out. The unidentified company told POINT's banker on Sept. 28 that it couldn't increase the"economic terms" of its Sept. 27 offer, and ultimately PNT accepted Eli Lilly's (LLY) $12.50 a share offer.