Constellation Pharma: Surges on MorphoSys' $1.7 bln buyout deal

Hokkaidenko

02/06/2021 14:03

** Shares of cancer drug developer  CNST.O  surge 67% to
$33.81 premarket, set to open at over 3-mth high, if gains hold
    ** Stock among top pct. gainers before the bell
    ** German biotech co MorphoSys  MORG.DE  says it will
acquire CNST in a $1.7 billion deal  urn:newsml:reuters.com:*:nBw6msmWva
    ** MORG to pay $34 per share in cash, representing a premium
of about 68% to CNST's last close
    ** Deal to give MORG access to CNST's bone marrow cancer
drug candidate, pelabresib, and CPI-0209 for hematological and
solid tumors
    ** Royalty Pharma  RPRX.O  will make a nearly $1.43 bln
upfront payment to MorphoSys, under a strategic funding
partnership, and the proceeds will be used to finance
acquisition of CNST - MORG
    ** Deal expected to close in Q3 2021
    ** CNST down 29.7% YTD, as of last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))