- Swiss drug maker Novartis has agreed to buy $ 2.1 billion from US cancer treatment partner Endocyte
- Under the agreement, Novartis will pay 24 US – Dollar per share in cash for all outstanding common shares of Endocyte.
- Endocyte strain exploded 50% to $ 23.48, according to the news.
- Endocyte and Novartis trade in real time.
Endocyte, a US provider of cancer treatments, exploded 50% early Thursday after it was announced that the Swiss drug maker Novartis has signed a contract
Under this agreement, Novartis will acquire all outstanding common shares of Endocyte $ 24 per share ̵
Novartis said that upon completion of the transaction, its research and expertise will leverage the development of endocyte 177 Lu-PSMA-617, a potential to investigate first-in-class radioligand therapy (RLT) for the treatment of metastatic, castration-resistant prostate cancer.
"We are excited that Novartis recognizes the potential of 177 Lu-PSMA-617 to alter the liver treatment landscape for men with metastatic castrate-resistant prostate cancer (mCRPC), as well as the broader role that RLTs may play in the treatment of cancer, "said Endocyte CEO Mike Sherman in the press release.
"Novartis' global reach and know-how in the development and commercialization of RLT therapies will be critical to enabling patients to benefit from these therapies as quickly as possible."
Novartis stocks closed at 1, 31% and were there This year has changed little until Wednesday. Endocyte levels had risen 400% this year.