Premium offer: Novartis’ offer is a 54 premium to Endocyte’s closing price on Wednesday of US15.56. — Reuters
LONDON: Novartis AG agreed to buy cancer drugmaker Endocyte for US$2.1bil, or US$24 a share, expanding further into the increasingly competitive and lucrative field of oncology.
Endocyte, based in the US, makes radioactive drugs coupled with molecules that target specific cells to deliver treatments to tumours. The offer is a 54% premium to the biotech’s closing price Wednesday of US$15.56.
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