UBS confirms its Buy recommendation with a target of 104 Swiss francs following the announcement of the acquisition of Morphosys for 2.7 billion euros in cash. This target represents a potential upside of 15%.

' The acquisition of Morphosys represents a strong strategic fit. We assume that the costs of the transaction can be absorbed by the Novartis sales force, which justifies a significant premium paid' says UBS.

This transaction will enable it to acquire pelibreib, a late-stage BET inhibitor for myelofibrosis, and tulmimetostat, an early-stage investigational dual inhibitor of EZH1 and EZH2 for solid tumors or lymphomas.

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