West Lafayette drug company stocks soar in wake of buyout

Shares in Endocyte were up as much as 51 percent Thursday morning.

Posted: Oct 18, 2018 12:54 PM
Updated: Oct 18, 2018 1:18 PM

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.

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