MorphoSys hocks royalties to buy Constellation Pharma
Shares of US cancer drug maker Constellation Pharmaceuticals (Nasdaq: CNST) closed up a massive 66.7% at $33.74 yesterday on the news that it has agreed to be acquired by Germany’s MorphoSys (FSE: MOR).
However, MorphoSys shares fell 13% to 63.02 euros because of the unusual funding arrangement, for what it called a “this transformational acquisition.”
MorphoSys is offering $34.00 per share in cash, which represents a total equity value of $1.7 billion. The transaction has been unanimously approved by the management board and the supervisory board of MorphoSys, as well as the board of directors of Constellation and is expected to close in the third quarter of 2021.
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