WEST LAFAYETTE, Ind. (WLFI) — Stocks in a West Lafayette drug development company are soaring Thursday. Shares in Endocyte were up as much as 51 percent Thursday morning.
It's in response to a $2.1 billion buyout by the Swiss drugmaker Novartis. The deal still needs approval by shareholders and regulators. If it is approved, it would close during the first half of next year.
As of Thursday afternoon, Encocyte shares were selling at $24, an increase of more than 50 percent. Endocyte now becomes the first Purdue start-up to hit 1.5 billion dollars in value.
- West Lafayette drug company stocks soar in wake of buyout
- Logansport company moving to Lafayette
- West Lafayette pharmacy turns Tamiflu into liquid during drug shortage
- Lafayette Jeff, West Lafayette schedule football series
- West Lafayette pools open Thursday
- West Lafayette native makes history
- Lafayette sues opioid companies for addiction crisis
- New facility hopes to bring innovators and tech companies to West Lafayette
- Applications approved for 2 electric scooter companies to return to West Lafayette
- Lafayette and West Lafayette team up for pedestrian trail funding