Novartis’ $2.1 Billion Acquisition of Endocyte

FaegreBD advised Endocyte on the deal

Novartis has entered into an agreement and plan of merger with Endocyte, a US-based biopharmaceutical company focused on developing targeted therapeutics for cancer treatment. Under the terms of the agreement, Novartis would acquire all outstanding shares of Endocyte common stock for USD 24 per share. This offer values Endocyte’s equity at USD 2.1 billion.

Endocyte uses drug conjugation technology to develop targeted therapies with companion imaging agents, including Lu-PSMA-617, a potential first-in-class investigational radioligand therapy (RLT) for the treatment of metastatic castration-resistant prostate cancer (mCRPC). Lu-PSMA-617 targets the prostate-specific membrane antigen (PSMA), present in the majority of patients with mCRPC, and has shown promising Phase II data. Lu-PSMA-617 is currently being investigated in the Phase III global VISION clinical trial in men with mCRPC, a disease with limited treatment options and significant unmet medical need.

Cravath is representing Novartis in connection with the transaction.

The Cravath team is led by partners Mark I. Greene and G.J. Ligelis Jr. and includes associates Lee M. Blum and Timothy H. Chang and foreign associate attorney Bensu Aydin on M&A matters; partners Eric W. Hilfers and Jonathan J. Katz, senior attorney Nicole F. Foster and associate Jacob M. Phillips on executive compensation and benefits matters; partner J. Leonard Teti II and associate Andrew L. Mandelbaum on tax matters; partner David J. Kappos and associates Miling Y. Harrington and Joel Feigenbaum on intellectual property matters; partner Matthew Morreale on environmental matters; partner David M. Stuart and associate Alyssa M. Pompei on compliance matters; and senior attorney Joyce Law and practice area attorney Laurel R. Berkowitz on real estate matters.

FaegreBD advised Endocyte with a team including Jonathan R. Zimmerman (Picture), Lisa R. Pugh, Daniel L. Boeglin, Jonathan L.H. Nygren, Christine G. Long, Griffin D. Foster, Eli M. Isaacs, Jarrett A. Baughman, Emily E. Chow, Jason D. Kimpel, Richard A. Duncan, M. Angella Castille, Page D. Fleeger, Mark P. Rosenfeld, Robert B. Leonard, Amy E. Hamilton, Amy B. Judge-Prein, Susan W. Kline, Daniel G. Prokott and Paul S. Moe.

 

Involved fees earner: Mark Greene – Cravath Swaine & Moore; G.J. Ligelis Jr. – Cravath Swaine & Moore; Lee Blum – Cravath Swaine & Moore; Timothy Chang – Cravath Swaine & Moore; Bensu Aydin – Cravath Swaine & Moore; Eric Hilfers – Cravath Swaine & Moore; Jonathan J. Katz – Cravath Swaine & Moore; Nicole Foster – Cravath Swaine & Moore; Jacob Phillips – Cravath Swaine & Moore; J. Leonard Teti II – Cravath Swaine & Moore; Andrew Mandelbaum – Cravath Swaine & Moore; David Kappos – Cravath Swaine & Moore; Miling Harrington – Cravath Swaine & Moore; Joel Feigenbaum – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore; David Stuart – Cravath Swaine & Moore; Alyssa Pompei – Cravath Swaine & Moore; Joyce Law – Cravath Swaine & Moore; Laurel Berkowitz – Cravath Swaine & Moore; Jonathan Zimmerman – Faegre Baker Daniels; Daniel Boeglin – Faegre Baker Daniels; Jonathan Nygren – Faegre Baker Daniels; Eli Isaacs – Faegre Baker Daniels; Jarrett Baughman – Faegre Baker Daniels; Jason Kimpel – Faegre Baker Daniels; Angella Castille – Faegre Baker Daniels; Lisa Pugh – Faegre Baker Daniels; Christine Long – Faegre Baker Daniels; Griffin Foster – Faegre Baker Daniels; Emily Chow – Faegre Baker Daniels; Richard Duncan – Faegre Baker Daniels; Page Fleeger – Faegre Baker Daniels; Mark Rosenfeld – Faegre Baker Daniels; Susan Kline – Faegre Baker Daniels; Daniel Prokott – Faegre Baker Daniels; Robert Leonard – Faegre Baker Daniels; Amy Hamilton – Faegre Baker Daniels; Amy Judge-Prein – Faegre Baker Daniels; Paul Moe – Faegre Baker Daniels;

Law Firms: Cravath Swaine & Moore; Faegre Baker Daniels;

Clients: Novartis; Endocyte Inc. ;

 

Author: Ambrogio Visconti