POINT Biopharma Global Inc. (“POINT”) (NASDAQ: PNT), a company accelerating the discovery, development, and global access to life-changing radiopharmaceuticals, today announced that the closing conditions, including Hart-Scott-Rodino antitrust clearance, have been met for the previously announced agreements with Lantheus Holdings Inc. (NASDAQ: LNTH).
Under the terms of the agreements, POINT will receive the initial $260 million 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.
Additional information regarding the POINT & Lantheus’ strategic collaboration and exclusive license agreements can also be found at POINT’s investor relations website, located at pointbiopharma.com/investors.
About POINT Biopharma Global Inc.
POINT Biopharma Global Inc. is a globally focused radiopharmaceutical company building a platform for the clinical development and commercialization of radioligands that fight cancer. POINT aims to transform precision medicine by combining a portfolio of radiopharmaceutical assets, a seasoned management team, an industry-leading pipeline, in-house manufacturing capabilities, and secured supply for rare medical isotopes like actinium-225 (225Ac) and lutetium-177 (177Lu). POINT’s active clinical trials include FRONTIER, the phase 1 trial for PNT2004, a pan-cancer program targeting fibroblast activation protein-α (FAP-α), and SPLASH, the phase 3 trial for PNT2002 for people with metastatic castration resistant prostate cancer (mCRPC) after second-line hormonal treatment.
