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Novartis completes $2.1B Endocyte deal, strengthening nuclear medicine portfolio

Novartis AG completed the $2.1 billion acquisition of Endocyte Inc., a developer of cancer treatments using radioactive compounds.

West Lafayette, Ind.-based Endocyte is testing Lu-PSMA-617 in phase 3 trials for treating metastatic castration-resistant prostate cancer.

Endocyte's shareholders voted to approve the proposed transaction on Dec. 20, clearing the way for the closure of the deal.

The deal will complement the Swiss drugmaker's $3.9 billion acquisition of Advanced Accelerator Applications SA, which sells a radiotherapy-based cancer treatment. That deal occurred in October 2017.