Novartis To Buy Endocyte In $2.1B Deal (NASDAQ:ECYT)(NYSE:NVS)
Novartis To Buy Endocyte In $2.1B Deal (NASDAQ:ECYT)(NYSE:NVS)
Novartis CEO Vas NarasimhanReuters
20 October, 2018, 14:26
Novartis AG agreed to buy U.S. drugmaker Endocyte Inc. for $2.1 billion, snapping up a potential blockbuster therapy for prostate cancer and helping to fill out a treatment area targeted by the Swiss pharmaceutical giant.
The company said it would acquire Endocyte, headquartered in West Lafayette, Indiana, for $2.1 billion, or $24 per share.
Novartis hopes to be able to push forward the development of its investigational therapy 177Lu-PSMA-617 for use in earlier lines of prostate cancer therapy.
Novartis plans to acquire Endocyte, a biopharmaceutical company, to accelerate the development of innovative radioligand technology for treating cancer. In the transaction, Endocyte would be merged with a newly formed subsidiary of Novartis.
Data from a Phase II study of the drug presented in a poster in June at the American Society of Clinical Oncology's annual meeting indicated that of the 50 patients receiving Lu-PSMA-617, 62 percent had a greater than 50 percent reduction in their prostate-specific antigen levels, while 44 percent of patients had a PSA reduction of 80 percent or more.
There are now scant options for men with mCRPC and Novartis hopes to be able to meet the need of this group of patients.
"Note a below-average reaction time at the business development department considering that the Endocyte market cap was at $110 million only 12 months ago", Baader Helvea's Bruno Bulic said.
Novartis announced plans to purchase United States cancer drug specialist, Endocyte, earlier Thursday. Today's announcement about the proposed acquisition of Endocyte builds on our growing capability in radiopharmaceuticals, which is expected to be an increasingly important treatment option for patients and a key growth driver for our business. AAA's radiopharmaceutical drugs are used to diagnose and treat cancer and other diseases. If it is approved, it would close during the first half of next year. Novartis plans to fund the acquisition with available cash.
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