Novartis to buy cancer drug firm Endocyte for $2.1bn

Novartis has announced plans to buy cancer drug firm Endocyte for $2.1 billion cash. The Swiss pharma giant is buying the US-based Endocyte to expand its radiopharmaceuticals business. News of the plans sent Endocyte’s shares rocketing by 49.74% to $23.30 in pre-market trading The Endocyte acquisition when finalized, would expand the Novartis radioligand therapy (RLT) platform with both a potential near-term product launch and early-stage clinical development programmes. The transaction would be in the form of a merger between Endocyte and a newly formed Novartis subsidiary.