Last year, Endocyte’s leadership reported negative results from an early-stage clinical trial and laid off nearly half the company. Now, just 12 months later, it has plenty to toast over the holidays.

The company’s shareholders voted last week to approve a $2.1 billion acquisition offer from Novartis. The offer came after Endocyte’s executives gambled on a Phase 3 drug candidate for prostate cancer — a gamble that spruced up an otherwise leaky pipeline of drug candidates.

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