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Point Biopharma announces closing of agreements with Lantheus
The Fly

Point Biopharma announces closing of agreements with Lantheus

POINT Biopharma Global (PNT) announced that the closing conditions, including Hart-Scott-Rodino antitrust clearance, have been met for the previously announced agreements with Lantheus Holdings (LNTH). Under the terms of the agreements, POINT will receive the initial $260M in upfront payments from Lantheus in the upcoming week. The agreements also include the potential for several future payments to POINT. For PNT2002, these include: an additional payment up to $250 million upon U.S. FDA regulatory approval; royalties of 20% on all net sales once certain financial thresholds have been achieved; profit from the manufacturing and supply of commercial drug product to Lantheus; up to an additional $1.3 billion in various net sales milestone payments. For PNT2003, these include: up to an additional $30 million upon U.S. FDA regulatory approval; royalties of 15% on net sales; profit from the manufacturing and supply of commercial drug product to Lantheus; up to an additional $275 million in various net sales milestone payments. Proceeds from this transaction will be used to accelerate the expansion of POINT’s next-generation radioligand platform. POINT will make a number of key investments in 2023, including the commercial scale up of its production facility, completion of the SPLASH trial, expansion of POINT’s R&D infrastructure, and acceleration of pipeline development. By the end of 2023, POINT expects to have two next-generation programs in the clinic including the pan-cancer PNT2004, which is currently in Phase 1, and the actinium-225 labeled PNT2001, expected to enter Phase 1 in late 2023, along with multiple new chemical entities advancing through discovery and preclinical validation. POINT expects that its cash, cash equivalents, and short-term investments, combined with the upfront payments, will fund its current operating plan into 2026.

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