FRANKFURT (dpa-AFX) - There was great joy among Morphosys shareholders on Tuesday. The day before, takeover rumors had already given the share price a powerful boost and these proved to be true, as the pharmaceutical group Novartis is offering 68 euros per share. However, the Swiss are tying the offer to a minimum acceptance rate of 65 percent. They are particularly interested in the Bavarian company's promising drug Pelabresib. The Management Board and Supervisory Board of MorphoSys support the offer.

In addition to the previous day's rise of 36 percent, there was a further increase of 16 percent on Tuesday compared to the Xetra close on the Tradegate trading platform. At the last price paid, 66.75 euros, the share price came as close as 1.25 euros to the price offered.

Citigroup has already adjusted its price target to the 68 euros offered. This price corresponds to the level the shares were at in the summer of 2021, when a prolonged price slide was already dominating the picture. At the beginning of 2020, shortly before the outbreak of the coronavirus pandemic, the high since the turn of the millennium was a good EUR 146. At the beginning of 2000, in the early phase of Boron's listing, prices were as high as 148 euros.

The biotechnology company is an attractive takeover target, wrote JPMorgan analyst James Gordon the evening before the official offer. Not least in view of the sales potential of the drug Pelabresib against blood cancer. This potential could be leveraged with the help of a company with the possibility of global commercialization.

Study data on the drug pelabresib initially sent Morphosys' share price plummeting in November. Initially, there was enormous uncertainty on the market as to whether the cancer drug would be approved, with shares at times trading for less than EUR 15. In December, detailed pelabresib data at the annual conference of US haematologists provided a new boost./tih/ajx/men