BERLIN (Reuters) -Novartis said on Thursday it has launched a tender offer to acquire MorphoSys, a German developer of cancer treatments, for an aggregate 2.7 billion euros ($2.9 billion). Reuters reported in February that Swiss drugmaker Novartis would buy MorphoSys, which had an equity market value of around 1.6 billion euros before the offer was announced. The Swiss drugmaker said its cash offer price of 68 euros per MorphoSys share corresponds to a premium of 142% on the volume-weighted average price during the last three months, as of the unaffected closing price on Jan. 25.
The Management Board and Supervisory Board of MorphoSys AG (MOR) recommended that shareholders accept the offer by Novartis and tender their MorphoSys shares. Novartis offers MorphoSys shareholders 68.
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German antitrust regulators have approved the takeover of German biotech company Morphosys by the Swiss pharmaceutical firm Novartis. Germany's Federal Cartel Office announced its approval of the transaction on Tuesday. Morphosys, which is headquartered near Munich, manufactures drugs to treat the blood cancers leukaemia. Andreas Mundt, who heads the regulatory agency, said officials had examined very carefully whether the merger would affect competition in the research and development of new dr