2024-04-30 20:36:07 ET
Summary
- MorphoSys acquired by Novartis for EUR 2.7 billion, showcasing a significant premium over pre-announcement share price.
- The deal is expected to go through smoothly based on regulatory approvals received and successful precedents of similar M&A transactions.
- Pelabresib, MorphoSys's leading candidate for myelofibrosis treatment, shows promising results and potential as a game-changer in the field.
- We downgrade to a hold rating, although, we believe the deal will close in 1H 2024.
A key update to the thesis: downgrading to a hold rating until the deal closes
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MorphoSys: Hold Rating Until The Novartis Deal Closes