West Lafayette Based Endocyte Aquired For $2.1 Billion By Pharma Giant Novartis
20 October, 2018, 14:27
Novartis AG on Thursday said it would pay $2.1 billion for Endocyte Inc., a USA company developing a new treatment for prostate cancer, the Swiss pharmaceutical giant's latest move to double down on high-value prescription drugs. This offer represents a premium of 54% to Endocyte's closing price of $15.56 on October 17.
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).
Endocyte's knowledge and abilities will help Novartis in its development of a drug that can be used earlier in the treatment of prostate cancer.
Completion of the transaction is expected in the first half of 2019.
Endocyte would be Novartis' third multi-billion-dollar acquisition in the past 12 months, and its second in 2018.
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It is now being investigated in the Phase III global VISION clinical trial in men with mCRPC.
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", said Liz Barrett, CEO, Novartis Oncology, in a company press release.
Novartis announced plans to purchase U.S. cancer drug specialist, Endocyte, earlier Thursday.
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. Novartis plans to fund the acquisition with available cash.
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