Health Care

Novartis to Buy Prostate Cancer Therapy Firm Endocyte for $2.1 Billion

Novartis to Buy Prostate Cancer Therapy Firm Endocyte for $2.1 Billion”

Novartis will pay $24 a share for Endocyte, 54% more than its closing price Wednesday of $15.56, the Basel-based company said Thursday. Endocyte shares were trading at $US23.48 on Thursday morning.

The company has a radioligand therapy, Lu-PSMA-617, in Phase III development for metastatic castration-resistant prostate cancer.

"We are thrilled that Novartis recognizes the potential for 177Lu-PSMA-617 to change the treatment landscape for men with metastatic castration-resistant prostate cancer (mCRPC)", Endocyte CEO Mike Sherman said in a statement.

Meanwhile, the 42-year-old USA doctor spent $8.7 billion on gene therapy company Avexis to get hold of its spinal muscular atrophy treatment that offers hope of a cure for some children.

There are now scant options for men with mCRPC and Novartis hopes to be able to meet the need of this group of patients.

Читайте также: Netflix Plans to Outspend Hulu & Amazon on New Content

Narasimhan said that transaction prompted Novartis to expand relationships with US and European nuclear medicine centers.

Endocyte's board unanimously approved the transaction and expects completion in the first half of 2019 following a stockholder vote. The company has announced its acquisition of Endocyte in a deal valued at a whopping $2.1 billion.

"We are also excited about the opportunity to break into the prostate cancer arena with a near-term product that has the potential to make a meaningful impact for patients in great need of more options", Barrett added. Until regulatory and other approvals are met, Endocyte will remain independent. Novartis plans to fund the acquisition with available cash. The medicine uses a small molecule to aim a radioactive cancer drug at a target, called PSMA, that's found in high numbers on the surface of diseased cells, according to Endocyte.

Through the acquisition of Advanced Accelerator Applications (AAA), Novartis acquired Lutathera (lutetium Lu 177 dotatate / INN: lutetium (177Lu) oxodotreotide), a peptide receptor radionuclide therapy for treating somatostatin-receptor positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs), an orphan disease.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2021 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог



Like this

loading...
loading...

Latest


20 Октября 2018
‘Luke Cage’ Canceled by Netflix
With Luke Cage though, people have generally enjoyed it and we fully expected for the hero to get at least one more season. It's had many iterations and a rich cast of characters that provides Netflix with plenty of opportunity - if they so wish.

20 Октября 2018
Rooney speaks out as Manchester United signs a new deal
José Mourinho has said for the first time that external criticism is taking its toll on him and his Manchester United players. "Obviously they are not playing Champions League".

20 Октября 2018
OnePlus 6T may work on Verizon's network
However, PCMag has learned that the OnePlus 6T might also support Verizon when it launches in the coming weeks. On the OnePlus Forums Pete Lau , CEO, spelled out the reason for them moving, although it is fairly obvious.

20 Октября 2018
Saudi Arabia confirms Jamal Khashoggi was killed in ‘brawl’ inside Istanbul consulate
The growing crisis prompted the king to intervene, five sources with links to the Saudi royal family told Reuters . The public prosecutor said 18 people have been detained in connection with the case, without identifying them.

20 Октября 2018
Emery fails to assure Ramsey of Arsenal future
Emery added: "We need to continue working calmly in our bodies and our mentality. For me it's not an excuse because we are preparing for Monday ".

20 Октября 2018
Climate forecasters say ME likely to have above-average temps this winter
But in case you need some talking down, a new forecast from NOAA says that at the very least, it won't be a nightmare this year. Northern Florida and southern Georgia have the greatest odds for above-average precipitation during the winter, the NOAA said.

20 Октября 2018
Saudi Arabia confirms death of Jamal Khashoggi; 18 people detained
Where is the evidence that has been repeatedly referred to by the Turkish authorities? Trump termed it an "important first step". The case has also created a rift between the President Donald Trump's administration and some members of the U.S.

20 Октября 2018
Prince Harry climbs Sydney Harbour Bridge to kick off Invictus Games
Similar to the work of the royals , the group also advocates for better mental health and wellbeing awareness. The couple finished their day's events with formal meetings with Morrison and opposition leader Bill Shorten.

20 Октября 2018
Migrant caravan reaches across the Guatemala-Mexico border
Numerous migrants may chose to stay in countries along the route, though the Mexican government is already preparing a response. Our southern neighbors have increased their federal police presence at the border with Guatemala by 500 additional officers.

20 Октября 2018
White House row: Top aids clash outside Oval Office
Bolton and Nielsen had a good conversation after Kelly and Bolton's argument, a White House official said. Outside the Oval Office, Bolton and Kelly clashed, with the chief of staff defending Nielsen.