The Swiss pharmaceutical giant Novartis has acquired the firm specialized in anti-tumor drugs Endocyte for US $2.1 billion at US $24 a share, 54% more than the price at which closed on Wednesday in the New York Stock Exchange.
Endocyte, based in Indiana (United States), is currently conducting clinical trials for radiopharmaceuticals, mainly drugs that help diagnose and attack tumors, which could be used to treat patients with metastatic prostate cancer.
“The purchase of Endocyte is based on our growing capacity in radiopharmaceuticals, which is expected to be an increasingly important treatment option for patients and a key growth engine for our business,” the CEO of Novartis Oncology, Liz Barrett, said on Thursday.
In addition, Barret herself announced an upcoming marketing of a drug against prostate cancer. “We are also excited about the opportunity to enter the field of prostate cancer with a short-term product that has the potential to have a significant impact for patients who need more options,” she added.
Both companies expect to close the operation during the first half of next year, pending the approval of regulators and shareholders of Endocyte, which would receive $ 24 per share, which is 54% more than the price at which the Stock exchange on Wednesday. After the announcement of the acquisition, Endocyte raised its price on the Nasdaq by 50%. On the other hand, Novartis increased 0.83%.