German biopharmaceutical company MorphoSys AG recommended on Thursday that an offer by Swiss pharmaceutical firm Novartis be accepted.
MorphoSys' management board and supervisory board recommended that shareholders tender their MorphoSys shares.
Novartis has offered MorphoSys shareholders €68 ($72.90) per share in cash, representing a total equity value of €2.7 billion.
MorphoSys and Novartis maintain their expectation that the closing of the takeover offer will take place in the first half of 2024.
The takeover offer requires a minimum acceptance threshold of 65% of MorphoSys' share capital.
Jean-Paul Kress, chief executive of MorphoSys, said: "After conducting a thorough assessment of the offer document, we unanimously conclude that the offer, including the offer price, is highly attractive and equitable."
