(Reuters) – Drugmaker Novartis is in advanced talks to acquire Germany’s MorphoSys AG, a developer of cancer treatments with a market value of 1.6 billion euros, two sources with knowledge of it said on Monday folder.
Novartis’ option has so far prevailed in negotiations over that of rival Incyte Corp, which also made an offer for MorphoSys, the sources said.
They added that there was no certainty that the negotiations would succeed and requested anonymity due to the confidential nature of the negotiations. They also refused to provide information on the price of a potential acquisition.
Novartis, MorphoSys and Incyte did not immediately respond to requests for comment.
Headquartered in Planegg, Germany, MorphoSys develops drugs to fight deadly forms of cancer such as myelofibrosis, a rare type of bone marrow cancer, and certain types of nodal lymphoma.
MorphoSys’ main source of revenue is Monjuvi, a lymphoma drug that the group sells under a profit-sharing agreement with Incyte.
MorphoSys said last week that U.S. net sales of Monjuvi reached $92 million in 2023, and that it expected those sales to be between $80 million and $95 million in 2024.
One of MorphoSys’ most promising drugs, Pelabresib, is an inhibitor of proteins involved in the development and progression of myelofibrosis.
(Reporting David Carnevali in New York; Diana Mandiá)
Copyright © 2024 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
