Novartis announced that it plans to buy therapeutic radiopharmaceutical developer Endocyte for $2.1 billion.
Endocyte is developing lutetium-177 (Lu-177) PSMA 617, a radiopharmaceutical for treating metastatic castration-resistant prostate cancer; the agent is currently in phase III clinical trials. Endocyte is also developing imaging agents that are companions to its diagnostic products.
The deal is subject to customary due diligence, according to Novartis. It is part of a long-range strategy to build the company's radiopharmaceutical capability. In January, Novartis subsidiary Novartis Groupe France bought French molecular imaging firm Advanced Accelerator Applications (AAA), which makes Lutathera (Lu-177 DOTATATE) for the treatment of somatostatin-positive gastroenteropancreatic neuroendocrine tumors in adults.
