©Reuters.Novartis (NVS) to acquire German cancer treatment developer Morphosys for $2.9 billion
Novartis AG (NVS) announced on Monday that it will acquire Morphosys (MPSYF) in a deal worth 2.7 billion euros ($2.9 billion).
The move is aimed at strengthening Novartis' product line with promising new treatments for rare forms of bone marrow cancer.
In Frankfurt, NVS rose 0.5%, while Morphosys shares soared 15%.
Under the terms of the transaction, Novartis will pay Morphosys shareholders €68.00 per share in cash and plans to privatize the company following the acquisition.
Completion of the transaction is subject to several conditions, including the green light of at least 65% of MorphoSys shareholders and receipt of regulatory approvals.
Morphosys, a German-based cancer drug development company, will continue to operate independently until the transaction closes, which is expected in the first half of 2024.
“The planned acquisition of Morphosys further strengthens our capabilities and expertise and further strengthens our leading pipeline and portfolio in oncology,” said Shriram Alladi, MD, President, Development and Chief Medical Officer, Novartis. We aim to do so.”
“Building on our long-standing development partnership with Morphosys, we look forward to continuing to work together to maximize the efficacy and value of our investigational medicines for patients with unmet needs.”
