Endocyte Stockholders Approve Merger Agreement with Novartis AG
21 December 2018 - 1:25AM
Endocyte, Inc. (Nasdaq:ECYT) (“Endocyte”), a biopharmaceutical
company developing targeted therapeutics for cancer treatment,
today announced that at its Special Meeting of Stockholders held
earlier today, Endocyte’s stockholders approved the adoption of the
merger agreement pursuant to which Novartis AG will acquire
Endocyte for $24 per share, or a total equity value of
approximately $2.1 billion, in cash.
Approximately 99.8% of the votes cast at the
meeting voted to approve the adoption of the merger agreement,
representing approximately 69.5% of Endocyte’s outstanding common
stock as of the record date for the Special Meeting of
Stockholders.
Subject to the satisfaction of customary closing
conditions, the proposed merger is expected to close on or about
December 21, 2018.
About Endocyte
Endocyte is a biopharmaceutical company and
leader in developing targeted therapies for the personalized
treatment of cancer. The company’s drug conjugation technology
targets therapeutics and companion imaging agents specifically to
the site of diseased cells. Endocyte’s lead program is a
prostate specific membrane antigen (PSMA)-targeted radioligand
therapy, 177Lu-PSMA-617, in phase 3 for metastatic
castration-resistant prostate cancer (mCRPC) for PSMA-positive
patients. For additional information, please
visit Endocyte’s website at www.endocyte.com.
Important Additional
Information
Cautionary Note Regarding
Forward-Looking Statements
This communication may include “forward-looking”
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including, without limitation, statements
relating to the completion of the merger. Forward-looking
statements can usually be identified by the use of terminology such
as “anticipate,” “believe,” “continue,” “could,” “estimate,”
“evolve,” “expect,” “forecast,” “intend,” “looking ahead,” “may,”
“opinion,” “plan,” “possible,” “potential,” “project,” “should,”
“will” and similar words or expression, or by express or implied
discussions regarding the proposed merger including the expected
timing for completion of the proposed merger. These statements are
based on current expectations and assumptions that are subject to
risks and uncertainties. There can be no guarantee that the
proposed merger will be completed, or that it will be completed as
currently proposed, or at any particular time. Actual results could
differ materially from those anticipated as a result of various
factors, including: (1) conditions to the closing of the
merger may not be satisfied; (2) the merger may involve unexpected
costs, liabilities or delays; (3) the business or stock
price of Endocyte may suffer as a result of uncertainty surrounding
the merger; (4) the outcome of legal proceedings related to
the merger; (5) Endocyte may be adversely affected by other
economic, business, and/or competitive factors; (6) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement; (7) the
ability to recognize benefits of the merger; (8) risks that
the merger disrupts current plans and operations and the potential
difficulties in employee retention as a result of the merger;
(9) other risks to consummation of the merger, including the
risk that the merger will not be consummated within the expected
time period or at all; (10) the risks described from time to
time in Endocyte’s reports filed with the SEC under the heading
“Risk Factors,” including the Quarterly Report on Form 10-Q for the
quarter ended September 30, 2018 and in other filings with the SEC;
and (11) general industry and economic conditions. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which such
statements were made. Except as required by applicable law,
Endocyte undertakes no obligation to update forward-looking
statements to reflect events or circumstances arising after such
date.
Investor Contact:Michael
Schaffzin, Stern Investor Relations, Inc., (212) 362-1200,
michael@sternir.com
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