MorphoSys Hits Refresh Button On Pipeline With Constellation Buy

Deal Worth $1.7bn Financed Through $2bn Partnership With Royalty

 
• By Alaric DeArment
  
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The German biotech had already hinted at possibly expanding through M&A, and Constellation was viewed as an attractive acquisition target.

Businessman and Businesswoman pressing Refresh Button
MorphoSys said 2 June it would acquire Constellation Pharmaceuticals for $1.7bn • Source: Shutterstock

Already looking at ways to expand to compete with major players in biotech after the launch of its first product in the US, European biotech MorphoSys AG is beefing up its pipeline with two mid- and late-stage epigenetic compounds with the $1.7bn acquisition of Constellation Pharmaceuticals, Inc.. The deal, which includes a novel financing partnership with Royalty Pharma plc, may also portend a pickup in the speed of M&A for 2021.

MorphoSys, based near Munich, Germany, and Cambridge, MA-based Constellation announced the $34-per-share deal on 2 June, which both companies’ boards...

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