Novartis Set to Acquire Cancer Drug Developer MorphoSys for $2.9 Billion

Novartis is in advanced talks to acquire cancer drug developer MorphoSys, which has a market value of 1.6 billion euros, prevailing over rival Incyte Corp. MorphoSys, known for developing drugs to fight deadly forms of cancers, saw its shares rise over 40% on the news. Its main revenue generator is the lymphoma drug Monjuvi, and it has a promising drug called Pelabresib. Novartis, focusing on fewer therapeutic areas and geographic markets, has been cutting jobs and costs, with a mergers and acquisitions strategy focused on deals involving assets valued below $5 billion.