The history of young biotech Endocyte is maybe the best way to cast light on the dynamics of US biotech industry, which is experiencing deep, fast changes. Only 15 months ago Endocyte was on the verge of an abyss: it announced a 40% jobs cut in July 2017, reducing its headcount to as few as 64 employees. At the same time, the company announced it planned to drastically downsize a major clinical trial. Endocyte’s shares declined by over 30% soon after the announcement, proving that many investors considered it in irreversible decline. Few months after this series of negative announcements, the Indiana-based biotech started a series of successful moves that revived interest by the financial community: first, it entered into a $12m license agreement with Germany-based ABX GmbH for the prostate cancer treatment Lu-PSMA-617; then, Novartis last Thursday announced an investment taking the young biotech’s value to a record $2.1bn. At present, it is experiencing a highly positive momentum, with shares rising 44% YTD, and two pipeline candidates with potential to become blockbusters: Lu-PSMA-617 and a CAR T osteosarcoma treatment.