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MorphoSys AG (NASDAQ:MOR) shares are trading higher Monday following a report suggesting Novartis AG (NYSE:NVS) is in talks to acquire the company.
The Details:
According to a Reuters report, Novartis is in advanced talks to acquire MorphoSys and appears to be beating out Incyte Corporation (NASDAQ:INCY) which has also made an offer to acquire MorphoSys. The source did not specify the financial terms of the offer.
MorphoSys produces a lymphoma drug, Monjuvi, sold as part of a profit-sharing agreement with Incyte, which saw net product sales of $92 million in 2023. MorphoSys also is developing Pelabresib, an inhibitor of proteins involved in the development and progression of myelofibrosis.
MorphoSys shares are climbing on heavy trading volume following the report with more than 13.3 million shares already traded in the session. According to data from Benzinga Pro, the stock’s 100-day average volume is 1.385 million shares.
According to data from Benzinga Pro, MorphoSys shares are trading well-above the stock’s 50-day moving average of $8.84 and set a new 52-week intraday high of $16.15 on Monday.
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MOR Price Action: According to Benzinga Pro, MorphoSys shares are up 45% at $16.05 at the time of publication.
Image: Gerd Altmann from Pixabay
