Novartis Strengthens Oncology Portfolio with Acquisition of MorphoSys
Novartis AG announced Monday that it has agreed to acquire German biopharmaceutical company MorphoSys AG for 2.7 billion euros ($2.9 billion).
Under this agreement, Switzerland-based Novartis will acquire pelabresib, a myelofibrosis treatment, and tulmimetostat, an anti-tumor drug.
“With the acquisition of Morphosys, we further strengthen our leading pipeline and portfolio in oncology and add capabilities and expertise,” Shreeram Aradhye, Novartis president and chief medical officer, said in a statement. “We are aiming for that,” he said.
Also read: Novo Nordisk, struggling to meet demand for weight-loss drugs, buys facility in three-party deal
The transaction has already been approved by the boards of directors of both companies, and Novartis will make a voluntary public takeover offer, or offer all non-par value bearer shares of MorphoSys AG for 68 euros per share.
MorphoSys shares MOR.
Do not know,
It soared after the deal was announced on Monday. Novartis said the deal will continue to operate as an independent company until it receives shareholder and regulatory approval, expected in the first half of 2024.
Last fall, Novartis spun off its generic drug division, Sandoz SDZ.
The focus is purely on the innovative pharmaceutical business. But last week it announced disappointing fourth-quarter results with a weaker-than-expected outlook.
Novartis’ Swiss stock NOVN;
With returns of around 20% over the past 12 months, the American depository acquired NVS.
It rose by about 28%.
