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Cancer Therapy Provider Endocyte Spikes 50% After Novartis agrees to buy it for $ 2.1 billion (ECYT, NVS)

1; a total of $ 2.1 billion cash. The offer represents a premium of 54% at Endocytes closing price of…

1; a total of $ 2.1 billion cash. The offer represents a premium of 54% at Endocytes closing price of $ 15.56 on Wednesday. The endocyte shares were traded at $ 23.48 on Thursday morning.

Novartis said that after completing the agreement, its research and expertise will explore the development of Endocytes 177 Lu-PSMA-617, a potential first-class radioligand therapy (RLT) for the treatment of metastatic castration resistance prostate cancer.

“We are pleased that Novartis recognizes the potential for 177 Lu-PSMA-617 to change treatment scenes for men with metastatic castration-resistant prostate cancer (mCRPC), as well as the broader role that RLT can play in treatment of cancer, says Endocyte CEO Mike Sherman in the press release.

“The global scope and competence of Novartis in developing and commercializing RLT therapies will be crucial for patients to benefit from these therapies as soon as possible . “

Novartis shares jumped 1.31% on the news and were slightly changed this year through Wednesday. Endocyte shares increased by 400% this year.

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 Endocyte Markets Insider

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Faela