Sector News

Novartis buys Endocyte for $2.1 billion

October 18, 2018
Life sciences

Novartis has signed a deal to acquire US biopharma Endocyte, securing itself access to novel radiopharmaceutical programmes “with significant sales potential”.

The Swiss drugmaker has agreed to pay $24 per share for all of Endocyte’s outstanding stock, valuing the equity at $2.1 billion.

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

The deal includes 177Lu-PSMA-617, a potential first-in-class investigational radioligand therapy (RLT) for the treatment of metastatic castration-resistant prostate cancer (mCRPC).

The treatment targets the prostate-specific membrane antigen (PSMA), present in the majority of patients with mCRPC, and has shown promising Phase II data, Novartis said.

It is currently being investigated in the Phase III global VISION clinical trial in men with mCRPC.

“The proposed acquisition of Endocyte builds on our growing capability in radiopharmaceuticals, which is expected to be an increasingly important treatment option for patients and a key growth driver for our business,” noted Liz Barrett, chief executive of Novartis Oncology.

“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.”

By Selina McKee

Source: Pharma Times

comments closed

Related News

February 25, 2024

Pharma CFOs need R&D vigilance in tough economic times

Life sciences

As inflation, high interest rates and a tight investment environment continue to create headaches, 72% of CFOs said economic volatility poses the same or greater risk to their business this year compared to 2023 in a recent survey from BDO — and there are more changes afoot.

February 25, 2024

Agilent CEO Mike McMullen to retire, succeeded by lab services head

Life sciences

McMullen, who’s also currently president of Agilent, is set to abdicate both roles on May 1, according to an announcement the company put out Wednesday afternoon. From there, McMullen will spend a few months serving as an advisor to Agilent and to his successor until his retirement becomes final on Oct. 31.

February 25, 2024

AstraZeneca completes Gracell Biotechnologies acquisition for $1.2bn

Life sciences

AstraZeneca has concluded its acquisition of China-based clinical-stage biopharmaceutical company Gracell Biotechnologies for $1.2bn. The acquisition, initially agreed in December 2023, positions Gracell as a wholly owned AstraZeneca subsidiary with operations continuing in the US and China.

How can we help you?

We're easy to reach