All articles tagged with #morphosys
Novartis plans to abandon its acquisition of MorphoSys due to regulatory issues with the drug pelabresib, opting to pay a breakup fee instead. While Novartis will emerge relatively unscathed, MorphoSys and the future of pelabresib face uncertainty as a result of the failed deal.
Novartis has announced a voluntary public takeover offer to acquire MorphoSys AG, a global biopharmaceutical company, for EUR 68 per share, or an aggregate of EUR 2.7 billion in cash. The acquisition aims to strengthen Novartis' oncology pipeline, particularly in the development of next-generation treatment options for cancer, and expand its global footprint in hematology. The transaction includes acquiring pelabresib, a late-stage BET inhibitor for myelofibrosis, and tulmimetostat, an early-stage investigational dual inhibitor of EZH2 and EZH1 for solid tumors or lymphomas. The acquisition is subject to customary closing conditions and is expected to close in the first half of 2024.
MorphoSys AG's ADRs surged 58% following reports of advanced takeover talks with Novartis, potentially edging out a rival bid from Incyte. The cancer drugmaker has attracted interest from three large pharmaceutical companies, with two based in Europe and one in the U.S. Karyopharm Therapeutics also saw a 37% surge in sympathy with the news, as analysts anticipate potential readthrough and continued upside for the company amidst the takeover speculation.
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.