Endocyte, Novartis Ink $2.1B Merger Agreement

Posted: Updated:
Mike Sherman is CEO of Endocyte. Mike Sherman is CEO of Endocyte.
WEST LAFAYETTE -

West Lafayette-based Endocyte Inc. (Nasdaq: ECYT) has announced a merger agreement with a global pharmaceutical giant. The deal with Switzerland-based Novartis AG is valued at $2.1 billion and still requires shareholder approval. Until regulatory and other approvals are met, Endocyte will remain independent. The proposed merger of Endocyte into Novartis is slated to be complete in the first half of next year.

Endocyte develops targeted cancer therapies and earlier this month became the first Purdue University startup to reach a value of $1.5 billion.

One year ago, Endocyte announced its acquisition of a late-stage, high-potential prostate cancer treatment for $12 million. Chief Executive Officer Mike Sherman says PSMA-617 played a key role in the decision by Novartis to offer shareholders over 50 percent more for their shares of Endocyte.

"Since acquiring exclusive worldwide rights to develop and commercialize PSMA-617 agents in 2017, the entire Endocyte team, along with our partners, have worked tirelessly to build a leading radioligand (RLT) portfolio and create value for patients and shareholders alike," Sherman said. "We are thrilled that Novartis recognizes the potential for 177Lu-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."

Sherman, who succeeded co-founder Ron Ellis in 2016 as CEO and president, adds "the global reach and expertise of Novartis in developing and commercializing RLT therapies will be critical in efforts for patients to benefit from these therapies as quickly as possible."

You can connect to more about the deal by clicking here.

  • Perspectives

    • What is a CPEO And What Are The Benefits?

      We all know the traditional definition of a professional employer organization, or PEO. PEOs provide small and medium-sized businesses with numerous benefits - from comprehensive human resources management and employee benefits administration to reducing the number of administrative tasks, the list goes on. However, there is another type of PEO that can provide clients with even more benefits, a CPEO.  CPEO are IRS certified organizations who met various requirements in...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • NSWC Crane is located within Naval Support Activity Crane, one of the largest naval bases in the U.S.

      Military Contract Work To Be Done in Indiana

      Virginia-based Science Applications International Corp. has been awarded a nearly $42 million military contract for work on gun and guided missile systems. The overhaul and repair of  antenna systems for the U.S. Navy will be performed at SAIC locations in Bedford, Crane and Springville, Indiana.

    • Photo of Gary City Hall courtesy of the City of Gary

      Gary to Hold Job Fair for Residents

      The city of Gary and the Gary Re-Entry Coalition are partnering to hold a job fair for Gary residents on Wednesday. City officials expect more than 39 employers to participate in the job fair. The annual event will run from 10 a.m. to 3 p.m. at the Gary SouthShore RailCats Stadium.

    • The University of Notre Dame is one of the Indiana representatives on the list. (photo courtesy University of Notre Dame)

      Hoosier Companies Among 'Best Places to Work in IT'

      Three Indiana organizations are included in Computerworld's 2019 list of the 100 Best Places to Work in IT. The ranking, which splits the companies among large, medium, and small organizations, is based on company and employee surveys, as well as factors such as benefits, career development and retention.

    • (photo courtesy of Hopebridge)

      Demand Drives Hopebridge Expansions

      Indianapolis-based Hopebridge LLC is continuing its growth efforts in Indiana. The behavioral health services provider has announced plans to expand with two locations in Fishers and Columbus, which are expected to open this summer and create more than 110 jobs. The new locations will bring the company's pediatric autism therapy network in Indiana to 17, with more than 20 additional locations in Ohio, Kentucky and Georgia. In an interview with Inside INdiana Business...

    • (photo courtesy of Indiana University)

      IU Board Approves New Degrees, Renovation Projects

      The Indiana University Board of Trustees has approved six new graduate degrees and one new undergraduate degree across seven campuses, as well as renovation projects at the university’s South Bend and Bloomington campuses. The degrees approved by the trustees are pending final approval by the Indiana Commission for Higher Education.