The Board of Directors and Management Board of German biopharmaceutical company MorphoSys recommended on Thursday that shareholders tender their shares to the tender offer launched by Novartis.

The Swiss healthcare giant announced this morning that it had officially launched its tender offer for all MorphoSys shares, at a price of 68 euros per share.

In a press release, MorphoSys management pointed out that this all-cash offer of 2.7 billion euros represented a premium of 94% over the weighted average share price in the month prior to Novartis' interest.

The offer, which is due to close on May 13, remains conditional on a minimum level of 65% of the share capital being obtained.

MorphoSys, a company specializing in antibody-based therapies for patients with cancer and autoimmune diseases, has contributed to the development of over 100 product candidates, including Tremfya, now marketed by J&J for the treatment of psoriasis.

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