Swiss pharmaceutical giant Novartis says it will acquire West Lafayette-based Endocyte for $2.1 billion.
Endocyte was founded in Purdue Research Park and has been working for more than two decades to develop personalized cancer treatments that are more targeted to a specific patient’s cancer than traditional, broad-spectrum radiation therapy.
In the company’s press release, Endocyte president and CEO Mike Sherman says the acquisition will allow for a prostate cancer drug that’s now in late-stage clinical trials to have what he calls better "global reach" with Novartis’s expertise.
Earlier this month, Endocyte was the first Purdue startup to reach $1.5 billion in valuation.
Company executives did not respond to a request for comment.