CNST - Constellation Pharma surges on merger agreement with MorphoSys

Constellation Pharmaceuticals (CNST) has climbed ~61.3% in the pre-market after announcing an agreement with MorphoSys AG (MPSYF) whereby MorphoSys will acquire Constellation for $34.00 per share in cash for a total equity value of ~$1.7B.Per the terms of the agreement, which is expected to close in Q3 2021 MorphoSys will make a tender offer to acquire all of the outstanding shares of Constellation’s common stock at $34.00 per share in cash indicating a premium of approximately 70% to Constellation’s volume-weighted average price for the last five trading days.After the close of the deal, MorphoSys will remain headquartered in Munich, Germany with a significant commercial and R&D presence in Boston, Massachusetts, the companies said.In addition, MorphoSys also announced a long-term strategic funding partnership with Royalty Pharma subject to the closing of the transaction with Constellation.Per the terms of the licensing deal, Royalty Pharma is expected to make a $1.425B upfront payment to MorphoSys with

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Constellation Pharma surges on merger agreement with MorphoSys