Novartis to buy cancer drug firm Endocyte for $2.1bn

Novartis headquarters

Under the terms of the agreement, Novartis will acquire all outstanding shares of Endocyte common stock for $24 per share, totaling around $2.1 billion. The move, which values the U.S. pharma firm at $2.1 billion, will support Novartis' plans to pursue the development of more new drugs, as it seeks to improve profitability. The transaction was unanimously approved by the board of directors of Endocyte, but it is still subject to Endocyte stockholder and regulatory approvals.

With the purchase, the Swiss company is adding to its arsenal of radiopharmaceuticals, a new group of drugs created to more closely target cancer cells. Until closing, Endocyte will continue to operate as a separate and independent company.

As part of the restructuring, Endocyte said it was ending patient enrollment in a Phase I trial of its folate receptor-targeted tubulysin solid tumor cancer candidate EC1456 (NCT01999738), but continuing enrolling a "small number" of patients in a Phase I ovarian cancer surgical study of EC1456 (NCT03011320). "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".

Separately, Novartis raised the lower end of its forecast for sales growth for the year, saying that annual sales will rise by a mid-single-digit percentage.

Читайте также: Red Sox Celebrate World Series Berth With Boston Booze Party

Shares of Endocyte traded up about 50% at $23.37 just after Thursday's opening bell.

If completed, Novartis will gain rights to Endocyte's Lu-PSMA-617, an investigational radioligand therapy (RLT) for the treatment of metastatic castration-resistant prostate cancer (mCRPC).

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

On Oct. 18, 2018, Novartis announced that it plans acquire Endocyte, a US-based biopharmaceutical company focused on targeted cancer therapeutics.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2018 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Related news:

Hot News

isis-killer-beheading-video-story-top ‘Appropriate to step down, challenge false charges’: MJ Akbar’s full statement
Окт 20, 2018 - 13:49
Akbar's denial and decision to pursue criminal action against Ramani led to a swell of sympathy for his accusers. He had said that some allegations were untrue while other accounts did not refer to any offence.

isis-killer-beheading-video-story-top Jose Mourinho vows to be on best behaviour at Stamford Bridge
Окт 20, 2018 - 12:57
Yes, it bothers me. "I like the idea of man-marking", Brown wrote for Manchester United's official website . Manchester United manager Jose Mourinho has been no stranger to criticising his own team.

isis-killer-beheading-video-story-top Meghan Markle Just Opened Up About Her Pregnancy
Окт 20, 2018 - 12:32
The couple arrived to cheers at 8.30am, with Meghan wearing a stripy maxi dress by Martin Grant and Harry a blue shirt and chinos. Prince Harry , Duke of Sussex and Meghan , Duchess of Sussex .

isis-killer-beheading-video-story-top NLCS Preview: Game 6 Los Angeles Dodgers at Milwaukee Brewers
Окт 20, 2018 - 10:49
They wasted no time in Game 6, unloading two-dozen innings' worth of frustration in one frame against Dodgers lefty Hyun-jin Ryu. Corbin Burnes pitched on consecutive days for just the fifth time in his pro career and gave up an RBI single to Yasiel Puig .

isis-killer-beheading-video-story-top Flu jab should be mandatory for frontline health staff
Окт 20, 2018 - 10:46
The Centers for Disease Control and Prevention want to remind you that 80,000 people died from influenza a year ago . According to National Public Radio (NPR), "every year, about 1 in 4 college students get the flu".

isis-killer-beheading-video-story-top IPhone XR early video reviews arrive ahead of Friday preorders
Окт 20, 2018 - 10:16
It features 6.1-inch liquid retina display with a resolution of 828 pixels by 1792 pixels at a PPI of 326 pixels per inch. The XR will also be available in 128GB and 256GB storage variants priced at Rs 81,900 and Rs 91,900, respectively.

isis-killer-beheading-video-story-top China 'regrets' U.S. leaving postal union amid trade dispute
Окт 20, 2018 - 09:43
The Trump administration seems to be more concerned with the geopolitical implications of China's Belt and Road Initiative (BRI). Due to lower rates, foreign packages cost the USA about US$ 300m each year, according to administration estimates.

isis-killer-beheading-video-story-top Antarctic ice shelf sounds like alien invasion, hear it
Окт 20, 2018 - 09:26
The Ross Ice Shelf in Antarctica it is emitting tones reminiscent of a didgeridoo, or the drone of a horror film soundtrack. Winds whipping across the massive snow dunes left the shelf's icy covering rumbling like the pounding of a colossal drum.

isis-killer-beheading-video-story-top In first, Russian woman charged with interference in United States midterm elections
Окт 20, 2018 - 08:17
Special counsel Robert Mueller is investigating potential collusion between people connected to U.S. The case is not being brought by Special Counsel Robert Mueller's team.

isis-killer-beheading-video-story-top History Of LeBron James' Debuts For Cavaliers (2003, 2014) And Heat (2010)
Окт 19, 2018 - 22:40
The four-time MVP's total, the second highest scored by a Lakers debutant, included 12 rebounds and six assists. LeBron James didn't take long to set the tone for his season with the Los Angeles Lakers .

isis-killer-beheading-video-story-top Trump denies covering for Saudis on journalist, says truth out soon
Окт 19, 2018 - 21:49
President Donald Trump in the Cabinet Room at the White House October 17, 2018 in Washington, DC. Pompeo told reporters to be "mindful" of the meaning of the Saudi relationship in the region.

isis-killer-beheading-video-story-top Man Booker prize victor will pay off debts with award money
Окт 19, 2018 - 21:40
Acknowledging that Milkman is "not a light read, Appiah said: "I do commend people to try reading it aloud". The Booker's chair of judges and philosopher Kwame Anthony Appiah remarked it as "incredibly orginal".

isis-killer-beheading-video-story-top US Jerusalem consulate merger draws Palestinian anger
Окт 19, 2018 - 21:32
The change was quickly condemned by the Palestinians, who view U.S. policy as sharply turning toward Israel under President Trump. Pompeo said in the statement that the U.S. has "taken no position on final status issues, including boundaries or borders".

isis-killer-beheading-video-story-top Pre-order new, affordable iPhone from today in UAE
Окт 19, 2018 - 20:42
The affordable iPhone XR has a 6.1-inch LCD screen with liquid Retina display and aluminium body instead of a steel one. The iPhone XR boasts the same internals as the XS series, but comes with just a single-lens camera on the back.

It's going to be a warm, wet winter for most of US
Окт 19, 2018 - 20:25
A mild winter could be in store for much of the United States, according to the seasonal forecast released Thursday by NOAA. There's a lot more than just an El Nino pattern that determines how winter will play out.