Why Constellation Pharmaceuticals Is Soaring Today

Constellation Pharmaceuticals Inc CNST is trading higher Wednesday morning after an announcement that MorphoSys AG MOR will acquire the company.

What Happened: Constellation and MorphoSys entered into a definitive agreement in which MorphoSys will acquire Constellation for $34 per share, which represents a total equity value of $1.7 billion.

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“Becoming part of MorphoSys creates an industry leader with commercial capabilities, a deep R&D pipeline and complementary small molecule and biologics discovery and translational capabilities, as well as the financial strength to compete to win," said Jigar Raythatha, president and CEO of Constellation.

Related Link: MorphoSys to Acquire Constellation Pharma at $34/Share; Enters $2B Strategic Funding with Royalty Pharma

Raythatha will present at the Jefferies Virtual Healthcare Conference on Thursday.

Price Action: Constellation has traded as high as $40.84 and as low as $17 over a 52-week period.

At last check Wednesday, the stock was up 66.60% at $33.72.