Pharma BD Deal Intelligence
Novartis announced October 2018 acquisition of Indiana-based Endocyte for $24/share cash, total equity value $2.1B. Adds Phase 3 177Lu-PSMA-617 (later Pluvicto), a first-in-class PSMA-targeted radioligand therapy for mCRPC, plus preclinical 225Ac-PSMA-617. Builds on Novartis's January 2018 AAA acquisition (Lutathera) to consolidate radiopharmaceuticals leadership. Closed December 21, 2018; Pluvicto won initial FDA approval in post-taxane mCRPC in March 2022. The acquisition thesis has since strengthened: on March 28, 2025 the FDA approved Pluvicto for earlier, pre-taxane use in PSMA-positive mCRPC (PSMAfore trial: 59% reduction in risk of radiographic progression/death; rPFS 11.6 vs 5.6 months), roughly tripling the eligible patient population. On June 2, 2025 the Phase 3 PSMAddition trial met its primary rPFS endpoint in metastatic hormone-sensitive prostate cancer (HR 0.72) with a regulatory submission planned. Pluvicto generated USD 605M in FY2025 net sales (+70% cc), confirming the radioligand-platform bet behind the Endocyte deal.
Assessment window: 5yr post-close.