Novartis’s $2.1 Billion Acquisition of Endocyte

On October 18, 2018, Novartis announced that it has entered into an agreement and plan of merger with Endocyte, a US‑based biopharmaceutical company focused on developing targeted therapeutics for cancer treatment. Under the terms of the agreement, Novartis would acquire all outstanding shares of Endocyte common stock for $24 per share. This offer values Endocyte's equity at $2.1 billion. Cravath is representing Novartis in connection with the transaction.

The Cravath team is led by partners Mark I. Greene and G.J. Ligelis Jr. and includes associates Lee M. Blum and Timothy H. Chang and foreign associate attorney Bensu Aydin on M&A matters; partners Eric W. Hilfers and Jonathan J. Katz and associate Jacob M. Phillips on executive compensation and benefits matters; partner J. Leonard Teti II and associate Andrew L. Mandelbaum on tax matters; partner David J. Kappos and associates Miling Y. Harrington and Joel Feigenbaum on intellectual property matters; partner Matthew Morreale on environmental matters; partner David M. Stuart and associate Alyssa M. Pompei on compliance matters; and senior attorney Joyce Law and practice area attorney Laurel R. Berkowitz on real estate matters.