Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Instagram Outage Disrupts Thousands of U.S. Users 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Novartis AG announced on Monday, Feb. 5, that it has acquired MorphoSys. The Basel, Switzerland-based pharmaceutical corporation agreed to buy the cancer drug developer for $2.9 billion or €2.7 billion.
As per Reuters, Novartis will offer shareholders €68 per share in cash. It also revealed its plan to take MorphoSys private once the deal is completed. Upon closing the transaction, which is expected within the first two quarters of this year, Novartis will now own pelabresib.
MorphoSys' Pelabresib Drug
This treatment has been described as one of the most promising cancer drugs. It is used to combat life-threatening forms of the intrusive disease. It was mentioned that pelabresib could be used for the treatment of rare bone marrow cancer called myelofibrosis and other types of lumpy lymphomas.
Through its purchase of MorphoSys, Novartis can bolster its oncology portfolio. This merger marks Novartis's first M&A deal this year. It was speculated earlier in January that it would buy Cytokinetics biotech firm, but the deal did not proceed.
Details of Transaction
Their respective Board unanimously approved the acquisition deal between Novartis and MorphoSys of Directors. While awaiting the final closing of the transaction, MorphoSys will continue to operate its business independently.
"We are excited about the opportunity of bringing pelabresib, a potential next-generation treatment combined with ruxolitinib, to people living with myelofibrosis, a rare and debilitating form of blood cancer," Novartis' president of development and chief medical officer, Shreeram Aradhye, M.D., said in a press release. "With the planned acquisition of MorphoSys, we aim to further strengthen our leading pipeline and portfolio in oncology, adding to our capabilities and expertise."
He added, "Building on our long-standing development partnership with MorphoSys, we look forward to continuing our work together to realize the full impact and value of their investigational medicines for patients with unmet needs."
Photo by: Novartis Media Library
