Eli Lilly’s $1.4 Billion Point Biopharma Deal Draws Lawsuit

An investor sued Point Biopharma Global Inc. over fears that its planned $1.4 billion sale to Eli Lilly & Co. may reflect self-dealing by company leaders who spurned a potentially higher offer.

The lawsuit seeks files from the oncology company to investigate concerns about the $12.50-a-share deal announced Oct. 3 with the drug giant. There’s “a credible basis to suspect that the proposed transaction is the result of a flawed and conflicted process” tilted toward Point’s CEO and chairman, who preferred an all-cash bid, the suit says.

The allegations echo a recurring theme in Delaware’s Chancery Court, the leading US ...