Endocyte, Novartis Ink $2.1B Merger Agreement

Leslie Hanson
Октября 20, 2018

The deal values Endocyte at $24 per share, representing a 54-percent premium from the firm's $15.56 Wednesday closing price. The deal with Switzerland-based Novartis AG is valued at $2.1 billion and still requires shareholder approval. The transaction was unanimously approved by the board of directors of Endocyte, but it is still subject to Endocyte stockholder and regulatory approvals.

Novartis, the Swiss drug maker, has agreed to buy the USA cancer-treatment provider Endocyte, for $US2.1 billion. Until closing, Endocyte will continue to operate as a separate and independent company.

It's worth pointing out that buying Endocyte also gives Novartis an additional platform in CAR-T cancer immunotherapy to complement its current assets, including already-marketed therapy Kymriah (tisagenlecleucel) for CD19-positive blood cancers.

Endocyte uses drug conjugation technology to develop targeted therapies with companion imaging agents, including 177Lu-PSMA-617, a potential first-in-class investigational radioligand therapy (RLT) for treating metastatic castration-resistant prostate cancer (mCRPC).

Swiss drugmaker Novartis raised its full-year sales outlook, citing growing revenue from its Cosentyx psoriasis and arthritis drug as well as the performance of its heart failure medicine Entresto, whose third-quarter sales more than doubled.

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"The global reach and expertise of Novartis in developing and commercialising RLT therapies will be critical in efforts for patients to benefit from these therapies as quickly as possible".

Shares of Novartis were changing hands at $85.88 after climbing 1.91% at 12:05 p.m.in NY on Thursday.

Novartis announced plans to purchase U.S. cancer drug specialist, Endocyte, earlier Thursday.

Endocyte's and AAA's treatments attach a radioactive atom to a molecule attracted to certain tumors, a process meant to kill the cancer while bypassing healthy tissues.

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