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MorphoSys Stock Soars After Report Says Novartis To Acquire Cancer-Drug Developer

Novartis is in advanced talks to acquire MorphoSys and appears to be beating out Incyte Corporation which has also made an offer to acquire MorphoSys. 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.