Novartis begins tender offer for cancer-focused MorphoSys

Novartis (NOVN.S) said on Thursday it has launched a tender offer to acquire MorphoSys (MORG.DE), a German developer of cancer treatments, for an aggregate 2.7 billion euros ($2.9 billion).
Reuters reported in February that Swiss drugmaker Novartis would buy MorphoSys, which had an equity market value of around 1.6 billion euros before the offer was announced.