The Swiss pharmaceutical company Novartis is reaching out to the biotech company Morphosys. The Swiss are spending 2.7 billion euros on this. Novartis is particularly interested in the promising pelabresib – the cancer drug could become a blockbuster. The Executive Board and Supervisory Board of Morphosys support the offer.
The companies announced on Monday evening that shareholders would be offered 68 euros per share certificate. This means that investors will receive almost twice as much money as the share was worth before takeover speculation arose. After the completion of the takeover, MorphoSys will be delisted from the stock exchange.
Novartis has extensive resources to “fully develop and expand the potential of pelabresib on a global scale,” both companies said. As part of the deal, Morphosys will transfer all global rights to the blood cancer drug tafasitamab to the US pharmaceutical company Incyte. Morphosys is currently working with Incyte to develop and market the product.
Study data on pelabresib sent Morphosys’ share price plummeting in November. There was great uncertainty in the market about the cancer drug’s suitability for approval. As a result, the share price halved within eight trading days. In December, detailed study data provided new impetus. Since then, investors have been betting again that the drug will receive US approval against blood cancer.