Novartis, a large healthcare company based in Basel, Switzerland, has agreed to acquire Endocyte, a West Lafayette, Indiana-based biopharmaceutical company, for $2.1 billion. If the deal is finalized, Novartis would acquire all outstanding shares of Endocyte stock for $24 per share.

Endocyte is currently developing radiopharmaceuticals focused on treating cancer; this acquisition would accelerate that development. Novartis describes Endocyte’s 177Lu-PSMA-617, for instance, as “a potential first-in-class investigational radiogland therapy for the treatment of metastatic castration-resistant prostate cancer.”

“Novartis has a strong legacy of addressing unmet needs with transformative therapies and is building a leadership capability in new, technology-driven platforms that address some of the world's most complex health challenges, including cancer,” Liz Barrett, CEO of Novartis Oncology, said in a prepared statement. “Today's announcement about the proposed acquisition of Endocyte builds on our growing capability in radiopharmaceuticals, which is expected to be an increasingly important treatment option for patients and a key growth driver for our business. 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.”

Until the sale is finalized, Endocyte is continuing to operate as an independent company.