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MorphoSys deep in the red: loss multiplied
MorphoSys shares firmer despite losses multiplying - Novartis target in takeover schedule. New developments and economic impacts in focus. Find out more now!
MorphoSys deep in the red: loss multiplied
Drug researcher MorphoSys posted a drastic loss at the start of the year as it continues to prepare for its planned takeover by Novartis. In the first quarter, the loss from continuing operations increased significantly, from 32.2 million in the previous year to 311 million euros. This increase was primarily driven by increased costs, including provisions and external services as part of the proposed acquisition.
Morphosys' operating loss also multiplied significantly, from 56.1 million in the previous year to 264.4 million euros. At the same time, the company was able to record a sales increase of 13 percent to 27.5 million euros. The proposed acquisition by Novartis is proceeding according to plan, with the aim of completing it in the first half of 2024. Novartis plans to take over MorphoSys for 68.00 euros per share, which corresponds to a total equity value of 2.7 billion euros.
In March, the USA gave antitrust approval to Germany and Austria for the takeover of MorphoSys by Novartis. Despite these developments, MorphoSys shares have temporarily lost value and are currently trading at 66.60 euros via XETRA. The acquisition timeline for MorphoSys remains at the originally announced date of April 30, 2024.