Published: Sat, October 20, 2018
Medical | By Vicki Mclaughlin

West Lafayette drug company stocks soar in wake of buyout

West Lafayette drug company stocks soar in wake of buyout

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.

Under the agreement, Novartis would acquire all outstanding shares of Endocyte common stock for $24 per share, or an equity value of $2.1 billion. The offer represents a premium of 54% to Endocyte's closing price of $US15.56 on Wednesday.

One biotech company has the answer.

"We continue to be interested in bolt-on acquisitions that strengthen us in our key therapeutic areas or help us build out these three platforms", Narasimhan told reporters on a call.

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 (RLT) for treating metastatic castration-resistant prostate cancer (mCRPC). The company is based in West Lafayette, Indiana. The company bought another company that works in the field, France's Advanced Accelerator Applications, for $3.9 billion previous year. Novartis earlier this year announced the purchase of rare-disease drugmaker AveXis Inc. for $8.7 billion. The U.S. company has a research program looking at ways to use CAR-T to target multiple tumors and is now investigating the therapy in people with a form of bone cancer called osteosarcoma.

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Kershaw struck out Jesus Aguilar to end the third, the first of 13 consecutive batters that the left-hander retired. Maybe the biggest disappointment has been MVP candidate Christian Yelich , who is batting only.150 in the NLCS.

Novartis also raised its full-year sales outlook, citing growing revenue from its Cosentyx psoriasis and arthritis drug as well as the performance of its heart failure medicine Entresto, whose third-quarter sales more than doubled.

"Net sales revised upwards, expected to grow mid-single digit (cc); core operating income guidance confirmed, expected to grow mid to high-single digit (cc)", Novartis said in its earnings release.

This story has been published from a wire agency feed without modifications to the text.

The shares rose 0.9% in early trading. Only the headline has been changed.

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