POINT Biopharma Announces Closing of Agreements with Lantheus Holdings

Rhea-AI Summary

POINT Biopharma Global Inc. (NASDAQ: PNT) has confirmed that closing conditions for its agreements with Lantheus Holdings Inc. have been met, allowing POINT to receive $260 million upfront next week. Future potential payments include up to $250 million for PNT2002 and up to $30 million for PNT2003 upon FDA approval, in addition to milestone payments and royalties. POINT plans to use these funds to enhance its radioligand platform and expects to fund operations into 2026 while advancing multiple clinical trials.

Positive

• Receiving $260 million upfront from Lantheus.
• Potential for up to $250 million upon FDA approval for PNT2002.
• Potential for up to $30 million upon FDA approval for PNT2003.
• Royalties of 20% on net sales for PNT2002 and 15% for PNT2003.
• Proceeds will fund operations into 2026.

Negative

• None.

INDIANAPOLIS, Dec. 20, 2022 (GLOBE NEWSWIRE) -- 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. More information about the SPLASH trial can be found at https://www.splashtrial.com/. Learn more about POINT Biopharma Global Inc. at https://www.pointbiopharma.com/.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements in this press release include, but are not limited to, statements regarding the potential attributes and benefits of POINT’s product candidates and the format and timing of POINT’s product development activities and clinical trials. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among others, our ability to obtain funding for our operations, our ability to maintain the license agreements underlying our product candidates, competition, the ability of POINT to grow and manage growth profitably and retain its key employees, the impact of COVID-19 on POINT’s business, the ability to maintain the listing of POINT’s common stock on the NASDAQ, changes in applicable laws or regulations, the possibility that POINT may be adversely affected by other economic, business, and/or competitive factors, and other risks and uncertainties, including those described in POINT's Annual Report on Form 10-K filed with the SEC on March 25, 2022 and subsequent filings with the SEC. Most of these factors are outside of POINT’s control and are difficult to predict. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Investor Relations Contact:
Daniel Pearlstein
Associate Director, Corporate Strategy
investors@pointbiopharma.com

 

FAQ

What is the recent development for POINT Biopharma regarding Lantheus?

POINT Biopharma has met the closing conditions for agreements with Lantheus, allowing them to receive $260 million upfront.

How much potential revenue can POINT Biopharma earn from PNT2002?

POINT can earn up to $250 million upon FDA approval for PNT2002, along with royalties and milestone payments.

What are the expected future payments for PNT2003?

For PNT2003, POINT may receive up to $30 million upon FDA approval and additional milestone payments.

How will POINT Biopharma use the proceeds from the Lantheus agreements?

Proceeds will be used to expand POINT's radioligand platform and fund operations into 2026.

What are the key clinical trials mentioned in the press release?

The SPLASH trial for PNT2002 and the FRONTIER trial for PNT2004 are the key clinical trials currently underway.