Constellation Pharmaceuticals Inc. (NASDAQ: CNST) stock gained by 65.86% at the last close whereas the CNST stock price declines by 0.18% in the pre-market trading session. The CNST stock declines after gaining sharply in the last trading session on profit booking. Constellation Pharmaceuticals is a medical business focused on developing innovative therapies that modify gene expression specifically to treat major needs of cancer patients.
Pelabresib (CPI-0610), a BET inhibitor, and CPI-0209, a second-generation EZH2 inhibitor, are two of Constellation’s primary pharmaceutical candidates that are in mid-to late-stage clinical studies and have wide therapeutic effects for patients with diverse hematological and solid cancers.
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What is happening?
MorphoSys AG which is a commercial-stage biopharmaceutical business focused on the research, development, and commercialization of novel medicines for cancer and autoimmune disorders patients, and Constellation Pharmaceuticals have confirmed that they have reached a formal agreement under which MorphoSys would buy Constellation for $34.00 per share in cash, valuing CNST at $1.7 billion. MorphoSys’ executive committee (Vorstand) and supervisory board (Aufsichtsrat), as well as the Board of Directors of Constellation, have completely authorized the deal, which is scheduled to conclude in the third quarter of 2021.
Jigar Raythatha, President and CEO of Constellation stated:
MorphoSys has acknowledged the strength of CNST’s team, their epigenetic knowledge, and their high-potential cancer development pipeline and research activities, and CNST is thrilled. MorphoSys’ acquisition builds an industry leader with commercial skills, a robust R&D pipeline, and relevant small molecule and biologics discovery and translational capabilities, as well as the financial power to succeed. CNST’s shareholders will get an attractive, quick, and certain cash value for their shares, the merged entity’s employees will have a bigger platform and more prospects, and patients may benefit from creative new medications that address critical unmet medical needs.