CNST - Epizyme gains as peer Constellation attracts sizable premium from MorphoSys

Constellation Pharmaceuticals ([[CNST]] +67.2%) has risen more than two-thirds in value after agreeing to be acquired by German biotech MorphoSys AG (MOR) in a deal valued at $1.7B.The offer price of $34.00 per share in cash for Constellation’s common stock indicates a premium of ~70% to the five-day volume-weighted average share price of Constellation, a clinical-stage biotech focused on epigenetics for therapeutic development.The compelling premium has created ripple effects across the sector with Constellation’s peer Epizyme ([[EPZM]] +8.1%) trading sharply higher today.The epigenetic changes impact how cells read the genes without changes to the actual DNA sequence. The study of the subject is epigenetics.Epizyme has a five-year corporate strategy supported by four pillars including its goal of maintaining the leadership position in epigenetics, according to the company’s latest 10-Q filing.

For further details see:

Epizyme gains as peer Constellation attracts sizable premium from MorphoSys