Novartis to boost cancer pipeline with 2.7 billion euro buy of MorphoSys
Swiss pharma giant Novartis (NOVN: VX) late yesterday announced that it has entered into an agreement to make a voluntary public takeover offer to acquire MorphoSys (FSE: MOR), a Germany-based biopharmaceutical company developing innovative medicines in oncology.
MorphoSys surged more than 40% Monday after a report from Reuters said Novartis is in advanced talks to acquire the company and were up 14.8% at 65.90 euros in early trading today.
Under the agreed transaction, which has been unanimously approved by the board of directors of both companies, Novartis will make a voluntary public takeover offer for all no-par value bearer shares of MorphoSys for68 euros per share, or an aggregate of 2.7 billion euro ($2.9 billion). Subject to normal conditions, including a minimum acceptance threshold of 65% of outstanding shares, the deal is expected to close in the first half of 2024.
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