MorphoSys to buy Constellation Pharma for $ 1.7 billion; Constellation shares up 61%

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Shares MorphoSys AG ADR
MOR,

in premarket Wednesday fell 8.9% after the company announced its acquisition of Constellation Pharmaceuticals Inc. for $ 1.7 billion.
CNST,
+ 2.17%

Constellation premarket shares rose 61.3%. The boards of both companies have approved the deal, which is expected to close in the third quarter of 2021. Constellation, based in Cambridge, Massachusetts, is developing a range of cancer and hematology treatments, all of which are still under research. So far this year, MorphoSys shares are down 23.7%, while Constellation shares are down 29.7%. S&P 500
SPX,
-0.05%

increased by 11.8%.

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