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MorphoSys deep in the red: loss multiplied
MorphoSys shares stronger despite multiplying losses - Novartis takeover in sight. Everything about the development and schedule of the planned takeover. Find more details here!
MorphoSys deep in the red: loss multiplied
At the beginning of the year, the drug researcher MorphoSys recorded a significant increase in its loss from continuing operations in the first quarter. This increased from 32.2 million in the same period last year to 311 million euros. The increased costs, including provisions and external services as part of the planned acquisition, contributed significantly to this development. As a result, the operating loss also increased from 56.1 million to 264.4 million euros. Despite these losses, the company was able to record a sales increase of 13 percent to 27.5 million euros.
The planned acquisition of MorphoSys by Novartis is proceeding according to plan and is expected to be completed in the first half of 2024. The acquisition is part of a deal in which Novartis intends to acquire MorphoSys for 68.00 euros per share, representing a total equity value of 2.7 billion euros. In March, the project received antitrust clearance from the USA to Germany and Austria. According to MorphoSys CEO Jean-Paul Kress, the acquisition continues to progress as planned.
On the stock exchange, MorphoSys shares temporarily lost 1.45 percent to 66.60 euros. The company's development and the planned takeover by Novartis remain important topics for investors and the pharmaceutical industry.