Novartis today announced, before trading opened, that it has acquired the US-based biotech Endocyte for $2.1bn. Novartis has valued the company at $24 per share, that is a 54% premium over yesterday’s closing price. Endocyte is focusing on Precision Medicine, apparently the key sector in the strategy developed by new CEO Vas Narasimhan. Over the last few months, Narasimhan has been reluctant to announce thousands of job cuts in Switzerland, in divisions operating in traditional market segments. At the same time, he has hesitated to make relevant investment in new acquisitions and divestitures, such as the sale of stakes in JV Consumer Health to GSK. Future Novartis will be a leader in digital medicine and precision medicine–the Indian-American manager said. Investors have shown signs of approving the strategy, indeed the company’s shares have risen over 1.8% (Zurich).