Novartis buys cancer drug manufacturer MorphoSys – Kommersant
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One of the world’s largest pharmaceutical companies, Swiss Novartis, has reached agreements on the purchase of the German biotechnology company MorphoSys, specializing in the development of drugs for cancer. Under the terms of the deal, Novartis is offering MorphoSys shareholders €68 in cash for each share. Thus, the entire company is valued at €2.7 billion. The German company said that it is ready to recommend its shareholders to accept Novartis’ offer.
The transaction will be completed if at least 65% of MorphoSys shareholders agree to sell the shares and subject to receipt of relevant regulatory approvals. The parties hope to complete the transaction in the first half of 2024.
The acquisition of MorphoSys will allow Novartis to significantly expand its portfolio of drugs for the fight against cancer, primarily due to the promising drug pelabresib. In December, pelabresib successfully passed the next stage of testing. When combined with the drug ruxolitinib, it improves the condition of patients with myelofibrosis, a type of bone marrow cancer. The manufacturer intends to seek US approval for the combination drug in the second half of 2024.
Following the announcement of the potential deal, MorphoSys shares in Europe soared more than 40%. Over the past six months, shares of the German company have increased in price by more than 110%.
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