Novartis AG agreed to buy U.S. drugmaker Endocyte Inc. for $2.1 billion, snapping up a potential blockbuster therapy for prostate cancer as the Swiss pharmaceutical giant broadens its arsenal against tumors.
Novartis will pay $24 a share for Endocyte, 54 percent more than its last closing price, the Basel-based company said Thursday. Endocyte makes radioactive drugs coupled with targeting molecules to deliver treatments to tumors.
The approach is one of three key areas, along with cell and gene therapies, where Novartis is keen to expand, and Chief Executive Officer Vas Narasimhan signaled that he still hasn’t finished raising the ...
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