- The planned purchase adds to Chief Executive Officer Vasant Narasimhan’s plans for expansion. Novartis earlier this year announced the purchase of rare-disease drugmaker AveXis Inc. for $8.7 billion.
- Endocyte’s therapy, known as Lu-PSMA-617, has shown promising mid-stage data in prostate cancer and is currently in more advanced testing in men with a form of the disease with limited treatment options and significant unmet need, Novartis said. Narasimhan said the drug has blockbuster potential.
- Narasimhan isn’t finished in his bid to narrow the focus on cutting-edge drugs after the deal to sell parts of its US generic drugs unit, decision to spin off its Alcon eye-care unit and the sale of its stake in a consumer venture with Glaxo.
- Novartis last year agreed to buy Advanced Accelerator Applications for about $3.9 billion in cash, snapping up a radiopharmaceutical company whose drugs are used to diagnose and treat cancer and other diseases.
- The company raised the lower end of its forecast for sales growth for the year, saying that annual sales will rise by a mid-single-digit percentage. Novartis had said in July that it expected sales in 2018 to rise by a percentage in the low to mid single digits.
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