POINT Biopharma Reports Loss In Q3, Flat With Last Year, A Week After Lilly Agreed To Acquire It

(RTTNews) - POINT Biopharma Global Inc. (PNT), on Monday reported a loss in its third quarter unchanged from last year. On October 3, Eli Lilly had announced an agreement to buy POINT Biopharma for around $1.4 billion.

Quarterly loss was flat at $24.8 million or $0.23 per share, compared to a loss of $24 million or $0.26 per share for the same period last year. Research and development expenses increased to $26.91 million from $20.79 million of the previous year.

On average, 11 analysts polled by Thomson Reuters had expected a loss of $0.3 per share for the year. Analysts' estimates typically exclude special items.

Revenue was $2.78 million for the third quarter. The Street view for revenue is $0.89 million.

Additionally, the company confirmed the definitive agreement with Eli Lilly to be acquired for $12.50 per share in cash. The purchase price represents a premium of around 87 percent to POINT's closing stock price on Oct. 2, the last trading day prior to this announcement.

In pre-market activity, POINT shares are trading at $12.95, down 1.30% on the Nasdaq.