Novartis To Buy Endocyte In $2.1B Deal

20 Octobre, 2018, 14:24 | Auteur: Yves Courtet
  • Novartis shares rise amid plans for cancer drug specialist purchase

Narasimhan, who raised Novartis's 2018 revenue forecast on Thursday as he released third-quarter results, is counting on Endocyte's treatment for prostate cancer topping $1 billion in sales after it hits the US market in 2021.

The companies expect the takeover to close in the first half of next year, pending approval by regulators and Endocyte's shareholders, who would receive $24 per share-which is 54% more than Endocyte's closing price on Wednesday.

On their part, Endocyte through CEO Mike Sherman had this to say, "We are thrilled that Novartis recognizes the potential for Lu-PSMA-617 to change the treatment landscape for men with metastatic castration-resistant prostate cancer (mCRPC), as well as the broader role that RLTs may potentially play in the treatment of cancer".

Novartis has entered into an agreement and plan of merger with Endocyte, a US -based biopharmaceutical company focused on developing targeted therapeutics for cancer treatment. In the transaction, Endocyte would be merged with a newly formed subsidiary of Novartis.

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. 177Lu-PSMA-617 is now being investigated in a global Phase III clinical trial in men with mCRPC.

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"Note a below-average reaction time at the business development department considering that the Endocyte market cap was at $110 million only 12 months ago", Baader Helvea's Bruno Bulic said.

For Novartis (nvs), the deal could provide a major upcoming product launch, along with the opportunity to see if the treatment works in other types of prostate cancer therapy.

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.

Novartis announced plans to purchase USA cancer drug specialist, Endocyte, earlier Thursday.

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