Novartis AG (NVS) Announces Deal for Radiopharmaceutical Company

Laverne Higgins
October 20, 2018

Endocyte Inc. (NASDAQ: ECYT) shares were up sharply on Thursday after it was announced that Novartis A.G. Until closing, Endocyte will continue to operate as a separate and independent company. Today's announcement about the proposed acquisition of Endocyte builds on our growing capability in radiopharmaceuticals, which is expected to be an increasingly important treatment option for patients and a key growth driver for our business.

Watch Endocyte and Novartis trade in real time. However, it is still subject to customary closing conditions, including approval by shareholders of Endocyte.

Endocyte's prostate cancer therapy, known as Lu-PSMA-617, has progressed to final-stage testing in men who have limited options for treatment, Novartis said.

Novartis also reported its third-quarter earnings Thursday, which showed net group sales grew 6% to CHF12.8 billion in Q3 2018, from CHF12.4 billion a year earlier.

"The global reach and expertise of Novartis in developing and commercialising RLT therapies will be critical in efforts for patients to benefit from these therapies as quickly as possible".

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By 1410 BST, Novartis shares were 1.83% higher at CHF85.82.

Novartis AG is a holding company, which engages in the development, manufacture, and marketing of healthcare products.

Since taking over in February, Narasimhan has shed over-the-counter medicines and generic pills while pushing a spinoff of Novartis's Alcon eyecare unit come 2019.

Endocyte's and AAA's treatments attach a radioactive atom to a molecule attracted to certain tumors, a process meant to kill the cancer while bypassing healthy tissues.

Endocyte is also developing a preclinical adaptor-controlled CAR-T therapy, which is created to overcome traditional CAR-Ts' reliance on the activity and specificity of T cells engineered to recognize specific, naturally expressed targets. The company is based in West Lafayette, Indiana.

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