Novartis begins tender offer for MorphoSys (updated)

Morphosys AG

11/04/2024 09:39

(Adds details, background, MorphoSys last closing price)
       BERLIN, April 11 (Reuters) - Novartis  NOVN.S  said on
Thursday that its tender offer for MorphoSys has begun, with an
offer price of 68 euros ($73.08) per share in cash,
corresponding to a premium of 142% on the volume-weighted
average price during the last three months. 
    Shares in MorphoSys closed at 67.1 euros per share on April
10. 
    The acceptance period will begin on Thursday and end at
midnight on May 13, added Novartis. 
        Reuters 
    reported
     in February that the drug maker was in advanced talks to
acquire MorphoSys AG  MORG.DE , a developer of cancer treatments
that has a market value of 1.6 billion euros ($1.7 billion). 
  
        Headquartered in Planegg, Germany, MorphoSys develops
drugs to fight deadly forms of cancers such as myelofibrosis,
which is a rare type of bone marrow cancer, and certain types of
knotty lymphomas.
  
        Novartis said that Deutsche Bank is acting as share
tender agent and The Bank of New York Mellon will serve as
American Depository Shares (ADS) tender agent for the offer.
    
 
 
($1 = 0.9305 euros)

 (Writing by Miranda Murray, Editing by Rachel More and Andrey
Sychev)
 ((Miranda.Murray@thomsonreuters.com;))