Novartis to buy cancer drugmaker Endocyte for $2.1 billion

Swiss pharmaceutical giant Novartis has agreed to acquire US-based cancer drugmaker Endocyte for $2.1 billion in cash. Novartis' offer represents a 54% premium to Endocyte's closing share price on Wednesday. Endocyte specialises in radiopharmaceuticals, a new class of drug that combines tumor-killing radioactive substances with molecules that target diseased cells.