Wachtell, Skadden Guide MorphoSys' $1.7B Cancer Co. Buy

By Emma Whitford (June 2, 2021, 6:13 PM EDT) -- Cancer and autoimmune disease-focused MorphoSys AG announced Wednesday that it plans to buy cancer research company Constellation Pharmaceuticals in a $1.7 billion deal guided by Skadden and Wachtell Lipton.

A MorphoSys subsidiary will pay $34 per outstanding Constellation share for an equity value of $1.7 billion, the company said in a statement. To fund the deal, MorphoSys plans to enter into an agreement with pharmaceutical licensing company Royalty Pharma, in which Royalty Pharma will pay MorphoSys an initial $1.425 billion in exchange for certain royalties.

The deal is expected to close in the third quarter of 2021, pending approvals. Skadden Arps...

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