87.32 +0.13 (0.15%)
Pre-Market: 7:37AM EDT
|Bid||87.16 x 4000|
|Ask||87.20 x 3000|
|Day's Range||87.03 - 87.57|
|52 Week Range||72.30 - 94.19|
|Beta (3Y Monthly)||0.86|
|PE Ratio (TTM)||14.82|
|Forward Dividend & Yield||2.98 (3.49%)|
|1y Target Est||98.50|
Endocyte licensed a prostate cancer drug a year ago for an upfront payment of $12 million. Now, it’s being bought by the Swiss pharma giant Novartis for more than $2 billion.
An experimental cancer drug that Novartis hopes will raise the profile of its oncology portfolio cut the risk of death or disease progression by more than a third in breast cancer patients with a hard-to-target gene mutation. The Swiss drugmaker's BYL719, a so-called PI3K inhibitor also known as alpelisib, combined with hormone therapy fulvestrant boosted median progression-free survival (PFS) to 11 months, up from 5.7 months for patients who got only hormone therapy, the company said on Saturday. BYL719 plus fulvestrant cut risk of death or progression in those patients by an estimated 35 percent, Novartis said.
Here's a roundup of top developments in the biotech space over the last 24 hours. Scaling the Peaks (Biotech stocks hitting 52-week highs on Oct. 18) Endocyte, Inc. (NASDAQ: ECYT )( announced a deal to ...
NEW YORK, NY / ACCESSWIRE / October 19, 2018 / U.S. equities plunged on Thursday as worries over global growth weighed on the broader market and investors continued to digest the minutes from the Federal ...
Novartis AG on Thursday said it would pay $2.1 billion for Endocyte Inc., a U.S. company developing a new treatment for prostate cancer, the Swiss pharmaceutical giant’s latest move to double down on high-value prescription drugs. Endocyte specializes in so-called radiopharmaceuticals, a new class of drug that carries radioactive substances directly to cancer cells so they can kill tumor cells at close range. Novartis agreed to pay $24 a share for the company.
Endocyte rallied more than 1,600 percent in the past 13 months as it advanced its prostate drug candidate -- climaxing on Thursday as Novartis splashed out $2.1 billion on a friendly buyout. The deal came at a 54 percent premium to Wednesday’s close and rewarded a group of sector specialist funds that made big bets on Endocyte, a small Indiana-based drugmaker that’s faced down concern its drug might not be ready for prime time. The biggest winner was apparently VenBio Select Advisor LLC, known for making bets across the drug discovery landscape and the largest holder with more than 7 percent of Endocyte as of the latest filing period ended June 30.
Novartis (NVS) released its third-quarter earnings results on October 18. The company surpassed Wall Street analysts’ consensus estimate for EPS but missed their estimate for revenue in the quarter. Novartis reported EPS of $1.32 on revenue of ~$12.78 billion compared to analysts’ estimate of EPS of $1.31 on revenue of ~$13.02 billion.
Expanding further into the increasingly competitive field of oncology, Swiss drugmaker Novartis AG (NVS) announced on Thursday morning it is buying biopharmaceutical company Endocyte Inc. (ECYT) in a deal valued at $2.1 billion. Warning! GuruFocus has detected 3 Warning Signs with NVS. According to the terms of the all-cash agreement, Novartis will pay $24 per share for the West Lafayette, Indiana-based company, a 54% premium to the stock's closing price on Oct. 17.
The U.S. Food and Drug Administration has rejected Novartis's bid to repurpose a drug now approved for rare inflammatory diseases to be used in a group of heart attack survivors, the Swiss drugmaker said on Thursday. The company received an FDA letter turning down its bid to make canakinumab a targeted therapy for those cardiovascular patients who in tests had quickly responded to treatment, as levels of a protein in their blood associated with inflammation and heart disease quickly plunged.
Novartis (NVS) announces encouraging five-year data from late-stage studies on Cosentyx for psoriatic arthritis and ankylosing spondylitis indications.
On Thursday, Novartis AG agreed to pay almost 200 times that amount for the drug’s current owner, Endocyte Inc. The experimental therapy is the centerpiece of Novartis’s $2.1 billion planned takeover of U.S.-based Endocyte. It pairs tumor-killing radiation with molecules that target diseased cells, and Novartis Chief Executive Officer Vas Narasimhan says it has blockbuster potential.
The deal values the developer of cancer treatments at $24 a share, a 54% premium to Endocyte's closing price on Wednesday of $15.56. Novartis will get its hands on Endocyte's promising Lu-PSMA-617, a radioligand treatment that targets prostate cancer by attaching radioactive Lutetium to cancerous cells. "The proposed acquisition of Endocyte builds on our growing capability in radio-pharmaceuticals, which is expected to be an increasingly important treatment option for patients and a key growth driver for our business," said Novartis Oncology CEO Liz Barrett in a statement.
Endocyte, Inc. (NASDAQ: ECYT ) on Thursday announced its $2.1-billion cash sale to Novartis AG (NYSE: NVS ). The deal values Endocyte at $24 per share, representing a 54-percent premium from the firm’s ...
Here's a roundup of top developments in the biotech space over the last 24 hours. Scaling the Peaks (Biotech stocks hitting 52-week highs on Oct. 17) Anixa Biosciences Inc (NASDAQ: ANIX ) Down In The Dumps ...
Shares of the cancer-focused biotech Endocyte Inc. rose more than 50% in Thursday premarket trade on news of a $2.1 billion acquisition by the Swiss pharmaceutical giant Novartis AG ADR . Shares of the U.S.-listed Novartis rose 1.2% premarket. The deal, which was announced early Thursday morning and has been approved by Endocyte's board of directors, values the West Lafayette, IN-based company at $24 a share, or a 54% premium to the its closing price of $15.56 on Wednesday. Endocyte develops personalized therapies for cancer treatment, and its furthest-along product, intended for prostate cancer, is in phase 3 trials. Endocyte licensed the product, PSMA-617, about a year ago. The company also hopes to enter clinical trials soon for a CAR T-cell therapy, a new, cutting-edge approach to cancer treatment, for the bone cancer osteosarcoma. Notably, Endocyte changed its drug pipeline in mid-2017 to prioritize its CAR T-cell platform, while stopping and paring down other clinical trials. The moves were part of a "strategic restructuring" that also cut its workforce by 40%. Endocyte shares have dropped 7.4% over the last three months and Novartis shares have risen 5.3%, compared with a 0.2% decline in the S&P 500 and a 2% rise in the Dow Jones Industrial Average .
should start to pick up the pace of its $25 billion buyback program, Panmure Gordon analysts say, as cashflow-generation continues to improve. The oil company already repurchased $1.4 billion worth of shares in 3Q and the brokerage thinks the pace of buybacks will speed up. Panmure expects Shell to report a 26% increase to earnings on year when it gives 3Q results.
Novartis is paying $2.1 billion for nuclear medicine specialist Endocyte in Chief Executive Vas Narasimhan's latest deal to reshape the Swiss drugs group from a pillmaker to a producer of sophisticated therapies. Narasimhan, who raised Novartis's 2018 revenue forecast on Thursday as he released third-quarter results, is counting on Endocyte's treatment for prostate cancer topping $1 billion in sales after it hits the U.S. market in 2021. Some analysts said the deal, seen closing next year, fitted his push into high-margin specialty treatments, but was very expensive.
On a per-share basis, the Basel, Switzerland-based company said it had profit of 69 cents. Earnings, adjusted for non-recurring costs, came to $1.31 per share. The results met Wall Street expectations. ...
Novartis is paying $2.1 billion for nuclear medicine specialist Endocyte in Chief Executive Vas Narasimhan's latest deal to reshape the Swiss drugs group from a pillmaker to a producer of sophisticated therapies. Narasimhan, who raised Novartis's 2018 revenue forecast on Thursday as he released third-quarter results, is counting on Endocyte's treatment for prostate cancer topping $1 billion in sales after it hits the U.S. market in 2021. Since taking over in February, Narasimhan has shed over-the-counter medicines and generic pills while pushing a spinoff of Novartis's Alcon eyecare unit come 2019.
Thursday’s busy corporate news agenda includes a $2.1 billion U.S. acquisition by Novartis and a host of blue-chip trading updates.
Endocyte, Inc. (NASDAQ: ECYT) today announced that it has entered into an agreement and plan of merger with Novartis AG (NYSE: NVS) pursuant to which Novartis will acquire Endocyte for $24 per share, or a total equity value of approximately $2.1 billion, in cash. This offer represents a premium of 54% percent to Endocyte's closing price of $15.56 on October 17, 2018. The transaction was unanimously approved by the board of directors of Endocyte.
The $24-per-share offer represents a premium of 54 percent to Endocyte's Wednesday closing price. Endocyte said the deal will help develop a broader role for radioligand therapies in cancer treatment. The deal will also enable Novartis to investigate the potential development of a drug candidate for use in earlier lines of prostate cancer therapy, it said.
A big deal for drug maker Novartis. It’s buying cancer pharma company Endocyte for $2.1B. Yahoo Finance’s Alexis Christoforous, Scott Gamm and Julia La Roche have more.