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MorphoSys shares soar on report Novartis is in advanced talks to acquire the company

AuthorSam Boughedda
Published 05/02/2024, 17:32
© Reuters.
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MorphoSys AG (MOR) surged more than 40% Monday after a report from Reuters said drug maker Novartis (NVS) is in advanced talks to acquire the company.

MorphoSys, a cancer treatment developer with a market value of around $1.7 billion, is also said to have had an offer from Novartis's rival drug maker Incyte (NASDAQ:INCY). However, Novartis is reportedly leading the race.

Reuters said its sources informed them of the offers, although they cautioned that there is no certainty that the negotiations will conclude successfully.

In addition, they were not informed of the potential acquisition price.

As of 11:22 am ET on Monday, MorphoSys shares are up 40.5% at $15.55 after initially touching a high of over $16 per share. So far, in 2024, the company's shares have gained more than 60%.

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