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Deals

Morphosys to acquire Constellation Pharmaceuticals in $1.7 billion deal

BERLIN (Reuters) - Morphosys on Wednesday said it will acquire U.S. cancer specialist Constellation Pharmaceuticals in a $1.7 billion deal that will enable the German biotech firm to add two final-stage cancer drugs to its portfolio.

Morphosys will pay $34.00 per share in cash, representing a premium of about 68% on Tuesday’s closing price. The transaction in expected to close in the third quarter, it said.

Shares in Morphosys dropped on the news and were down 9.7% at 1203 GMT.

Reporting by Riham Alkousaa, editing by Kirsti Knolle

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