Novartis: MorphoSys Board recommends tender offer
The Swiss healthcare giant announced this morning that it had officially launched its tender offer for all MorphoSys shares, at a price of 68 euros per share.
In a press release, MorphoSys management pointed out that this all-cash offer of 2.7 billion euros represented a premium of 94% over the weighted average share price in the month prior to Novartis' interest.
The offer, which is due to close on May 13, remains conditional on a minimum level of 65% of the share capital being obtained.
MorphoSys, a company specializing in antibody-based therapies for patients with cancer and autoimmune diseases, has contributed to the development of over 100 product candidates, including Tremfya, now marketed by J&J for the treatment of psoriasis.
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