© Reuters. Novartis (NVS) to buy German cancer treatment developer MorphoSys for $2.9B
Novartis AG (NVS) announced on Monday it will acquire MorphoSys (MPSYF) in a deal valued at 2.7 billion euros ($2.9 billion).
The move is aimed at enhancing Novartis’ product line with a promising new treatment for a rare form of bone-marrow cancer.
NVS gained 0.5% in Frankfurt while shares of MorphoSys popped 15%.
Under the terms of the deal, Novartis intends to pay MorphoSys shareholders 68.00 EUR per share in cash and plans to privatize the company following the acquisition.
The transaction’s finalization is dependent on several conditions, including the greenlight of at least 65% of MorphoSys’ shareholders and the receipt of regulatory approvals.
MorphoSys, a Germany-based developer of cancer treatments, will maintain its operations independently until the transaction is completed, anticipated in the first half of 2024.
“With the planned acquisition of MorphoSys, we aim to further strengthen our leading pipeline and portfolio in oncology, adding to our capabilities and expertise,” said Shreeram Aradhye, M.D., President, Development and Chief Medical Officer of Novartis.
“Building on our long-standing development partnership with MorphoSys, we look forward to continuing our work together to realize the full impact and value of their investigational medicines for patients with unmet needs.”
