Novartis to Buy MorphoSys for $2.9 Billion; Deal Seen Closing in 1st Half
By Denny Jacob
Novartis entered into an agreement to acquire biopharmaceutical company MorphoSys for 2.7 billion euros ($2.9 billion).
Swiss drug giant Novartis said that under the agreed transaction, approved by the boards of both companies, it would make a voluntary public takeover for all no-par value bearer shares of MorphoSys for 68 euros a share. The deal is expected to close in the first half of 2024.
Novartis would own pelabresib, a potential treatment for patients with myelofibrosis, among other treatments under the close of the deal. The company said the acquisition expands and complements its pipeline in oncology.
News of Novartis's acquisition comes in the weeks since The Wall Street Journal reported that the company had backed away from its pursuit of heart-drug developer Cytokinetics.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 05, 2024 17:35 ET (22:35 GMT)
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