German biotech company MorphoSys buys US rival for $1.7B

Health

BERLIN (AP) — Germany-based MorphoSys AG said Wednesday that it is buying U.S. rival Constellation Pharmaceuticals Inc. in a deal valuing the biotech company at $1.7 billion.

MorphoSys said in a statement that it has agreed to pay $34 in cash per Constellation share and the takeover has been unanimously approved by both companies’ boards.

Constellation, based in Cambridge, Mass., specialized in novel therapeutics in patients with cancer.

The deal, expected to be completed in the third quarter, was enabled through $2.025 billion in funding that MorphoSys received from investor Royalty Pharma, in return for royalties on several drugs developed by the German company, which is headquartered in Planegg near Munich.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

July 23 2021 05:30 pm

CBS47 On Your Side

Do you have a problem that you need help solving? Contact CBS47 and let us be On Your Side.

Phone: 559-761-0383
Email: OnYourSide@cbsfresno.com