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MorphoSys AG has successfully completed its cash tender offer for Constellation Pharmaceuticals, Inc. at $34.00 per share, with approximately 89% of shares tendered. The acquisition is valued at about $1.7 billion and will position MorphoSys strongly in hematology-oncology. It also announced a strategic partnership with Royalty Pharma involving $1.425 billion in upfront funding and additional milestone payments. This partnership will enhance MorphoSys's pipeline and maintain a significant presence in both Munich and Boston.
MorphoSys AG announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for its tender offer to acquire Constellation Pharmaceuticals, Inc. The tender offer is set to close on July 14, 2021, pending the tender of a majority of outstanding shares. The transaction is expected to finalize in the third quarter of 2021. MorphoSys aims to advance Constellation's product pipeline, which includes pelabresib and CPI-0209. The offer is valued at $34.00 per share.
Constellation Pharmaceuticals announced promising results from the MANIFEST Phase 2 trial of pelabresib (CPI-0610) for myelofibrosis. The centrally reviewed data show that 37% of patients achieved a one-grade improvement in bone marrow fibrosis, with 83% of these improvements occurring by week 24. In a subgroup analysis of JAK-inhibitor-naïve patients, 67% showed a significant reduction in spleen volume. Pelabresib demonstrated a favorable safety profile, with manageable treatment-emergent adverse events. The company is progressing to the Phase 3 MANIFEST-2 trial, aiming to transform myelofibrosis treatment.
Constellation Pharmaceuticals (Nasdaq: CNST) announced preliminary data from the ongoing Phase 1/2 trial of its EZH2 inhibitor, CPI-0209. The trial demonstrated comprehensive target engagement and durable exposure. A 350mg oral, once-daily dose has been selected for the Phase 2 expansion, which is currently enrolling for various tumor types. Among 40 patients treated, anti-tumor activity was noted in mesothelioma patients. The drug was generally well tolerated, with 43% experiencing Grade 3 or higher adverse events.
MorphoSys AG has agreed to acquire Constellation Pharmaceuticals for $34.00 per share, totaling $1.7 billion. The acquisition aims to enhance MorphoSys's position in hematology-oncology by integrating Constellation's promising product candidates, pelabresib and CPI-0209, which are in advanced clinical trials. Additionally, a strategic funding partnership with Royalty Pharma will provide $1.425 billion in upfront financing to support the acquisition and development of the combined pipeline. The transaction is expected to close in Q3 2021.
Constellation Pharmaceuticals (Nasdaq: CNST) announced its participation in the Jefferies Virtual Healthcare Conference on June 3, 2021, at 3:00 PM EDT. CEO Jigar Raythatha will present, and a live audio webcast will be accessible on the company's Investor Relations website. This event highlights Constellation's commitment to developing novel therapeutics targeting cancer through epigenetics. The company is advancing its candidates, including the BET inhibitor pelabresib (CPI-0610) and the EZH2 inhibitor CPI-0209, aimed at addressing unmet medical needs in cancer treatment.
Constellation Pharmaceuticals announced its Q1 2021 financial results and updates on its clinical pipeline. The company is currently dosing patients in the Phase 3 MANIFEST-2 trial for pelabresib and has initiated the Phase 2 expansion cohorts for CPI-0209, with the first patient dosed. Financially, they reported a net loss of $40.1 million, a 57.5% increase year-over-year, driven by rising operating expenses. Cash and cash equivalents decreased to $113.9 million. The company projects that its current financial resources will support operations into mid-2023.
Constellation Pharmaceuticals, a clinical-stage biopharmaceutical company, will hold a conference call on May 10, 2021, at 8:00 AM EDT to discuss its Q1 2021 results and provide a business update. The call will be webcast and accessible via their Investor Relations website. Participants can join the Q&A session by dialing (877) 473-2077 (domestic) or (661) 378-9662 (international) with conference ID 8798968. Constellation focuses on developing therapeutics targeting epigenetics, including the BET inhibitor pelabresib (CPI-0610) and EZH2 inhibitor CPI-0209.
Constellation Pharmaceuticals reported its Q4 2020 financial results, revealing a net loss of $37.4 million, an increase of 54.4% year-over-year. R&D expenses surged by 47.2% to $27.4 million, reflecting ongoing clinical trials. The company ended 2020 with $421.4 million in cash and equivalents, expected to fund operations into mid-2023. Key developments include progress on the pelabresib trial and the introduction of new candidate CPI-482. Leadership was strengthened with new senior appointments aimed at boosting commercial strategy.
Constellation Pharmaceuticals (Nasdaq: CNST) will participate in the 10th Annual SVB Leerink Global Healthcare Conference on February 26, 2021, at 3:40 PM EDT. CEO Jigar Raythatha will present during this event. A live audio webcast of the presentation will be accessible on the Investor Relations section of the company's website and will be available for replay for up to 90 days afterward. Constellation focuses on developing innovative therapeutics to address unmet needs in cancer treatment, leveraging expertise in epigenetics and chromatin modifications.
