10:47 AM
Oct 18, 2018
 |  BC Extra  |  Company News

Novartis buys Endocyte for $2.1B, gets radioligand therapy for prostate cancer

Novartis AG (NYSE:NVS; SIX:NOVN) will acquire cancer company Endocyte Inc. (NASDAQ:ECYT) for about $2.1 billion in cash. The deal gives Novartis 177Lu-PSMA-617, a radioligand therapy in the Phase III VISION trial to treat prostate-specific membrane antigen (PSMA; FOLH1; GCPII)-positive metastatic castration-resistant prostate cancer (CRPC).

Endocyte's shareholders will receive $24 per share, representing a 54% premium to the biotech's Wednesday close of $15.56. Novartis and Endocyte expect the deal to close next half.

Last month, Endocyte said it expected radiographic progression-free survival (rPFS) data from VISION by YE19; Novartis spokesperson Julie Masow told BioCentury that Novartis will...

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