10:03 AM EDT, 04/11/2024 (MT Newswires) -- The MorphoSys ( MOR ) board on Thursday recommended shareholders accept the 2.7 billion-euro ($2.9 billion) buyout offer from Novartis ( NVS ) , saying it was in the best interest of the company, investors and potential patients.

The deal, announced Feb. 5, values MorphoSys ( MOR ) at 68 euros per share, or 94% above the drug maker's volume-weighted price over the prior month through Jan. 25.

Novartis' ( NVS ) tender offering began Thursday and runs through May 13, the companies said. The offer requires a minimum acceptance threshold of 65% of MorphoSys' ( MOR ) share capital, and is expected to be completed in the first half of 2024.

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