BERLIN (AP) — Germany-based MorphoSys AG says it is buying U.S. rival Constellation Pharmaceuticals Inc. in a deal valuing the biotech company at $1.7 billion. MorphoSys said in a statement Wednesday that it has agreed to pay $34 in cash per Constellation share and the takeover has been unanimously approved by both companies’ boards. Constellation, based in Cambridge, Mass., specialized in novel therapeutics in patients with cancer. The deal is expected to be completed in the third quarter. It was enabled through $2.025 billion in funding that MorphoSys received from investor Royalty Pharma, in return for royalties on several drugs developed by the German company.
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