Novartis to acquire West Lafayette-based Endocyte for $2.1B
The deal represents a huge breakthrough for tiny Endocyte, which has about 90 employees in Indiana but has not yet launched a single product.
The deal represents a huge breakthrough for tiny Endocyte, which has about 90 employees in Indiana but has not yet launched a single product.
The West Lafayette biotech firm’s stock traded as low as $1.41 last fall, following multiple setbacks and restructurings. But the stock had soared to $24 Thursday morning after news that it would be acquired by Novartis.
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Executives and directors of the West Lafayette-based biotech hold nearly 9 percent of Endocyte stock, worth about $177 million, based on the deal price of $24 a share.
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