Eli Lilly Shares Surge Following Recent Acquisition

Eli Lilly Completes $1.4 Billion Takeover of Point Biopharma

Eli Lilly (LLY) has announced the completion of its $1.4 billion acquisition of Point Biopharma, making it the IBD Stock of the Day. Point Bio specializes in radioligand treatments for cancer, which involve combining a radioisotope with a molecule to target cancer cells and deliver targeted radiation to tumors. This acquisition deepens Eli Lilly’s presence in the field of cancer treatment, further expanding its portfolio of cancer drugs. The company’s third-largest product, Verzenio, is a breast cancer treatment that saw sales increase by 68% in the third quarter to over $1 billion.