Shares MorphoSys AG ADR
in premarket Wednesday fell 8.9% after the company announced its acquisition of Constellation Pharmaceuticals Inc. for $ 1.7 billion.
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
increased by 11.8%.