--Novartis is in advanced talks with MorphoSys to acquire the cancer-drug developer with a market value of 1.6 billion euros ($1.73 billion), Reuters reports, citing unnamed sources.

--The Swiss drug maker is ahead of rival Incyte Corp, which has also made an offer for MorphoSys, Reuters reports.

--At 1547 GMT, Frankfurt shares in MorphoSys were up 33% to EUR56.20.

--Novartis and MorphoSys didn't immediately responded to requests for comment.


Write to David Sachs at david.sachs@wsj.com


(END) Dow Jones Newswires

02-05-24 1129ET