Eli Lilly (NYSE:LLY) on Wednesday mentioned it had prolonged its tender provide to amass Level Biopharma International (NASDAQ:PNT), with the transfer coming simply days after a significant shareholder of the latter firm opposed their $1.4B deal.
LLY in early October mentioned it had agreed to amass most cancers drug developer PNT for $12.50 per share in money. PNT inventory has since gained and final closed at $13.02, considerably above the deal value.
“The tender provide, which was beforehand scheduled to run out at one minute previous 11:59 p.m., Japanese time, on Nov. 9, 2023, has been prolonged till 5:00 p.m., Japanese time, on Nov. 16, 2023,” Eli Lilly (LLY) mentioned in Wednesday’s assertion.
Two days in the past, Biotechnology Worth Fund, which has a 16.5% stake in Level Biopharma (PNT), mentioned that it was against the deal.
The fund famous that closing the acquisition on the proposed $12.50/share value earlier than PNT’s imminent outcomes from a prostate most cancers research was “not in one of the best curiosity” of PNT shareholders.
Level Biopharma (PNT) inventory was up 1.2% to $13.17 after hours, whereas Lilly (LLY) was marginally larger at $621.