MorphoSys to buy Constellation Pharma for $1.7 billion; Constellation's stock soars 61%

Shares of MorphoSys AG ADR MOR, -12.90% were down 8.9% in premarket trading on Wednesday after the company announced a $1.7 billion acquisition of Constellation Pharmaceuticals Inc. CNST, 67.17%. Constellation's stock soared 61.3% in premarket trade. The boards of both companies have approved the deal, which is expected to close in the third quarter of 2021. Constellation, which is based in Cambridge, Mass., is developing a number of cancer and hematology therapies, all of which are still investigational. So far this year, MorphoSys shares are down 23.7%, while Constellation's stock has tumbled 29.7.% The S&P 500 SPX, 0.15% is up 11.8%.

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