Novartis acquires Endocyte and with it 177 Lu-PSMA 617 for the treatment of prostate cancer

Novartis announced an agreement and plan of merger with Endocyte, a US-based biopharmaceutical company focused on developing targeted therapeutics for cancer treatment. Novartis would acquire all outstanding shares of Endocyte common stock for $24 per share, valuing Endocyte's equity at $2.1 billion. The transaction would be in the form of a merger of Endocyte and a newly formed Novartis subsidiary. Endocyte uses drug conjugation technology to develop targeted therapies with companion imaging agents, including 177Lu-PSMA-617, a potential first-in-class investigational radioligand therapy for the treatment of metastatic castration-resistant prostate cancer. 177Lu-PSMA-617 is currently being investigated in the Phase III global VISION clinical trial in men with mCRPC, a disease with limited treatment options and significant unmet medical need.