From ze­ro to hero: En­do­cyte’s lit­tle deal a year ago spurred a come­back capped by $2.1B No­var­tis buy­out

A year ago, with its stock in the toi­let af­ter its lead drug flopped in Phase III, forc­ing a re­struc­tur­ing, new En­do­cyte CEO Mike Sher­man said every­thing you would ex­pect a biotech chief to say af­ter com­plet­ing a small li­cens­ing deal for a new lead drug. The $12 mil­lion up­front deal with ABX was trans­for­ma­tion­al, he boast­ed to re­porters. It was a block­buster head­ed to a multi­bil­lion dol­lar mar­ket. 

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