Did some reading and thinking on Point biopharma. The most interesting aspect for me is the last row - "Analyst view" taken from https://www.fiercebiotech.com/biotech/point-breaks-open-phase-3-data-showing-how-drug-14b-lilly-buyout-saga-matches-pluvicto
Combine this with what @Tapples has posted above regarding how Clarity's Secure results are superior to Point's PNT2002, how would you think we would be valued based on our results and pipeline though we don't necessarily have a GMP approved in-house manufacturing facility/ big chunk of cash (though Aud $150 Mn which is about USD $100Mn is not bad and allows us to have reasonable strength at the deal table).
Share your feedback.
Point biopharma What Timing Notes Lantheus - licensing deal:Lantheus will pay a total of $260 million in upfront payments
between the two agreements to POINT, with the potential for additional milestone payments of approximately $1.8 billion between the two products
based on U.S. Food and Drug Administration (FDA) approval and net sales and commercial milestones. Additionally, Lantheus will pay POINT
royalties on net sales, beyond certain financial thresholds and subject to conditions, of 20% for PNT2002 and 15% for PNT2003.Marketing license deal announced prior to final readouts in Dec 2023 Licensing deal announced before final results from PNT2002 and a less advanced drug candidate PNT 2003. The deal seemed to be a big win for Point SHs. The license fell through as Eli Lilly acquired Point in Oct 2023 Eli Lilly: Offer and the Merger
Lilly's tender offer to acquire all of the issued and outstanding shares of common stock of POINT at a purchase price of $12.50 per share in cash, without interest and less any applicable tax withholding, expired as scheduled at 5:00 p.m., Eastern time, on Dec. 22, 2023, and was not further extended. Computershare Trust Company, N.A., the depositary and paying agent for the tender offer, has advised Lilly that as of the expiration of the tender offer, 72,788,215 shares were validly tendered and not properly withdrawn, representing approximately 67.97% of the issued and outstanding shares. Such shares have been accepted for payment and will be promptly paid for in accordance with the terms of the tender offer. Following completion of the tender offer, Lilly completed the acquisition of POINT through the previously planned second-step merger. POINT's common stock will be delisted from the NASDAQ Capital Market.
The purchase price payable at closing represents a premium of approximately 87% to POINT's closing stock price on Oct. 2, 2023, the last trading day before the announcement of the transaction, and 68% to the 30-day volume-weighted average price. POINT's board of directors unanimously recommends that POINT's stockholders tender their shares in the tender offer.
---
"Lilly put out its own statement about Point this morning, telling investors that the offer has been extended until 5 pm ET on Friday, December 22. As of close of business on Friday, December 15, investors had tendered 22.81% of Point’s stock. The figure has fallen throughout the saga, sliding from 26.45% in mid-November to 24.75% at the start of this month."Deal announced on 2/10/2023 and closed on 22/12/2023 '- Eli Lilly gets Point's 80,000 sq ft GMP certified in-house manufacturing facility. Point had about USD $500Mn cash (as on March 2023) unsure how much at the time of deal announced on 2/10/2023. So I would think the EV for the deal was much better than the headline $1.4 Bn number and Lilly gets a top-class in-house manufacturing unit which is rare in this industry.
- Deal announced before final results from PNT2002. Point's SHs were reluctant to tender their shares at Lilly's offer price of $12.50 because they expected PNT2002's results to be better than Pluvicto. This below article mentions that the results matched Lilly's expectation and was on par with Pluvicto.
(https://www.fiercebiotech.com/biotech/point-breaks-open-phase-3-data-showing-how-drug-14b-lilly-buyout-saga-matches-pluvicto)
- As only about 22.81% SHs tended their shares by the first deadline Lilly extended the deadline to 22/12/2023 when finally 67.97% of SHs tendered their shares and accepted Lilly's offer. (I wonder what happens to the remaining nearly 1/3rd SHs?)
This shows deals don't complete in a straight line and there can be sometime for CGT discounts to come into play before the deal closes.Analyst view William Blair analysts said the SPLASH study underperformed and physicians will likely see Point's offering as inferior to Pluvicto. After looking at the latest readout, the firm says has PNT2002 has an "uncompetitive clinical profile."
"Sharing the same survival trend as Pluvicto effectively removes a potential bull thesis in which PNT2002 could potentially be on the market before Pluvicto in the disease setting," the analysts wrote in a Monday morning note. Now, Point plans to collect more OS data in 2024 before submitting a new drug application for regulartory review.
As for safety, William Blair's team is not sure Point can prove the safety edge as Pluvicto has a numerically lower frequency of high-grade adverse events when compared to alternate novel hormone therapy as well.
"We view the efficacy of the PNT2002 regimen as likely less active than Pluvicto, while the tolerability profile did not exhibit material advantages," William Blair wrote.
AIMO. DYOR.
- Forums
- ASX - By Stock
- CU6
- Research/Valuation
Research/Valuation, page-358
-
- There are more pages in this discussion • 298 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add CU6 (ASX) to my watchlist
|
|||||
Last
$7.49 |
Change
0.120(1.63%) |
Mkt cap ! $2.365B |
Open | High | Low | Value | Volume |
$7.55 | $7.68 | $7.35 | $10.13M | 1.345M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 6 | $7.47 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$7.49 | 4963 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 6 | 7.470 |
1 | 300 | 7.450 |
4 | 5536 | 7.440 |
3 | 7040 | 7.430 |
1 | 4862 | 7.420 |
Price($) | Vol. | No. |
---|---|---|
7.490 | 4963 | 1 |
7.500 | 350 | 1 |
7.520 | 3450 | 2 |
7.530 | 4862 | 1 |
7.540 | 3003 | 2 |
Last trade - 16.10pm 12/09/2024 (20 minute delay) ? |
Featured News
CU6 (ASX) Chart |