(Reuters) -Eli Lilly and Co will buy cancer therapy developer Point Biopharma Global for $1.4 billion, the companies said on Tuesday.

Lilly has offered $12.50 per Point Biopharma share held, representing a premium of about 87% to the stock's last close.

Point Biopharma's shares soared 84% in premarket trading.

The companies expect the deal to close by the end of 2023.

(Reporting by Leroy Leo in Bengaluru; Editing by Sriraj Kalluvila)