Novartis to Buy Prostate Cancer Therapy Firm Endocyte for $2.1 Billion

20 October, 2018, 14:27 | Author: Lillian Steele
  • Endocyte makes radioactive drugs coupled with targeting molecules to deliver treatments to tumors

In a deal valued at $2.1 billion, Swiss pharma giant Novartis AG will purchase Endocyte, a US -based biopharmaceutical company developing new treatments for prostate cancer.

The company said it would acquire Endocyte, headquartered in West Lafayette, Indiana, for $2.1 billion, or $24 per share.

Endocyte uses drug conjugation technology to develop targeted therapies with companion imaging agents for the treatment of cancer.

The purchase of Endocyte will be an all cash transaction and once the deal closes, Endocyte will become part of Novartis, under a newly formed subsidiary. It is expected to be completed in the first half of 2019, subject to approval by Endocyte stockholders, antitrust and regulatory approvals and other customary closing conditions.

Novartis said in September that it will cut 2,550 jobs in Switzerland and Britain over four years, as the it strives to boost profits and focus on new medicines. It is now in a phase 3 registration trial - called VISION - that is due to report results in 2020.

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Under the agreement, Novartis will acquire all outstanding shares of Endocyte common stock for $US24 apiece -totaling $US2.1 billion - in cash.

"We are also excited about the opportunity to break into the prostate cancer arena with a near-term product that has the potential to make a meaningful impact for patients in great need of more options", Barrett added.

The Endocyte pipeline includes additional investigational RLTs, including Ac-PSMA-617 in preclinical studies for the treatment of mCRPC.

Radiopharmaceuticals such as Lu-PSMA-617 are innovative medicinal formulations containing radioisotopes that are used clinically for both diagnosis and therapy.

Endocyte shares closed on Thursday at $23.40, up 50.39% on the day. Novartis markets the first Food and Drug Administration-approved CAR-T, Kymriah (tisagenlecleucel), which is engineered to target CD19, an antigen expressed on the cells of acute lymphoblastic leukemia and diffuse large B-cell lymphoma, for which it is approved.

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