Shares of Point Biopharma Global (NASDAQ: PNT) were up by more than 85% as of 11:45 a.m. ET on Tuesday after the healthcare company entered into a buyout agreement. The stock is up more than 70% this year.

Point Biopharma is a clinical-stage company that focuses on therapies that bind to cells to fight cancer. On Tuesday,  Eli Lilly agreed to pay roughly $1.4 billion to buy the company. The deal, set at $12.50 a share, represents a premium of roughly 87% to Point's closing price on Monday and 68% to the 30-day volume-weighted average price.

Point's board was unanimous in recommending that the company's stockholders agree to the deal, which is expected to close by the end of this year.  

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Source Fool.com