Novartis buys Endocyte for $2.1B, gets radioligand therapy for prostate cancer

Novartis AG (NYSE:NVS; SIX:NOVN) will acquire cancer company Endocyte Inc. (NASDAQ:ECYT) for about $2.1 billion in cash. The deal gives Novartis 177Lu-PSMA-617, a radioligand therapy in the Phase III VISION trial to treat prostate-specific membrane antigen (PSMA; FOLH1; GCPII)-positive metastatic castration-resistant prostate cancer (CRPC).

Endocyte's shareholders will receive $24 per share, representing a 54% premium to the biotech's Oct. 17 close of $15.56. Novartis and Endocyte expect the deal to close next half...