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Novartis AG announced on Monday, Feb. 5, that it has acquired MorphoSys. The Basel, Switzerland-based pharmaceutical corporation agreed to buy the cancer drug developer for $2.9 billion or €2.7 billion.
As per Reuters, Novartis will offer shareholders €68 per share in cash. It also revealed its plan to take MorphoSys private once the deal is completed. Upon closing the transaction, which is expected within the first two quarters of this year, Novartis will now own pelabresib.
MorphoSys' Pelabresib Drug
This treatment has been described as one of the most promising cancer drugs. It is used to combat life-threatening forms of the intrusive disease. It was mentioned that pelabresib could be used for the treatment of rare bone marrow cancer called myelofibrosis and other types of lumpy lymphomas.
Through its purchase of MorphoSys, Novartis can bolster its oncology portfolio. This merger marks Novartis's first M&A deal this year. It was speculated earlier in January that it would buy Cytokinetics biotech firm, but the deal did not proceed.
Details of Transaction
Their respective Board unanimously approved the acquisition deal between Novartis and MorphoSys of Directors. While awaiting the final closing of the transaction, MorphoSys will continue to operate its business independently.
"We are excited about the opportunity of bringing pelabresib, a potential next-generation treatment combined with ruxolitinib, to people living with myelofibrosis, a rare and debilitating form of blood cancer," Novartis' president of development and chief medical officer, Shreeram Aradhye, M.D., said in a press release. "With the planned acquisition of MorphoSys, we aim to further strengthen our leading pipeline and portfolio in oncology, adding to our capabilities and expertise."
He added, "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."
Photo by: Novartis Media Library
