A couple billion here, a couple billion there, and pretty soon Eli Lilly hopes it will be talking about real money.

Eli Lilly agreed to purchase Point Biopharma Tuesday morning for $1.4 billion, a 90% premium, adding to its pipeline of cancer drugs. Point is developing cancer drugs that deliver a focused dose of radiation to tumor cells. Data for its lead medicine, for prostate cancer, are expected in the fourth quarter. It is also developing a drug for neuroendocrine tumors.

advertisement

Point operates a 180,000-square-foot radiopharmaceutical manufacturing facility in Indianapolis, and a radiopharmaceutical research and development center in Toronto.

Get unlimited access to award-winning journalism and exclusive events.