Endocyte Shareholders Approve Acquisition

(Image courtesy of Endocyte)

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The shareholders of West Lafayette-based Endocyte Inc. (Nasdaq: ECYT) have approved the previously-announced $2.1 billion acquisition agreement with Switzerland-based pharmaceutical company Novartis AG. The company says the deal is expected to close Friday.

Endocyte is a biopharmaceutical company developing targeted therapeutics for cancer treatment. The company says nearly 100 percent of its shareholders voted to approve the deal.

Earlier this year, Endocyte became the first Purdue University-affiliated startup to reach $1.5 billion in value. The merger with Novartis is being considered the largest of its kind for an Indiana life sciences company.