Oct 3 Reuters Eli Lilly and Co will buy Point Biopharma Global for 1.4 billion, the companies said on Tuesday, gaining access to experimental therapies that enable precise targeting of cancer.

Lilly has been bolstering its pipeline through small deals as its cancer therapy Alimta faces fierce competition from copycat versions while betting on potential blockbuster drug tirzepatide, or Mounjaro, to drive growth.

The company39;s acquisitions this year include the 2.4 billion buyout of Dice Therapeutics and the 1.93 billion purchase of privately held Versanis.

Point Biopharma is currently testing radioligand therapy candidates, PNT2002 and PNT2003, in latestage studies. The experimental therapies combine radioactive particles that kill cells with molecules that attach themselves to the tumors.

Lilly has offered 12.50 per Point Biopharma share held, representing a premium of about 87 to the stock39;s last close.

Shares of Indianabased Point Biopharma soared 85 in premarket trading.

Point Biopharma is testing PNT2002 in patients with an advanced form of prostate cancer whose disease has worsened after hormone therapy. Latestage data from PNT2002 is expected this quarter.

PNT2002, which Point Biopharma is developing along with Lantheus Holdings, is expected to compete with Novartis39; radioligand therapy for prostate cancer, Pluvicto, which is available in the U.S. since 2022.

The deal will also add PNT2003, Point Biopharma39;s experimental candidate for a ultrarare…