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Biopharmaceutical company Endocyte Inc said on Thursday that Novartis AG will acquire Endocyte in an all-cash deal for $ 24 per share, or a total equity value of about $ 2.1 billion.
The offer represents a premium of 54 per cent to Endocyte's closing price of $15.56 on Oct. 17, Endocyte said.
The cancer drug maker expects the transaction to be completed in the first half of 2019, until which time Endocyte will continue to operate as a separate and independent company.
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