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MorphoSys(NASDAQ:MOR) ADR rose 5%erasing Tuesday's declines, after Novartis (New York Stock Exchange: NVS) the final merger agreement was revealed, helping to debunk a report about the deal.
The sale agreement for MorphoSys (MOR) indicated that the cancellation fee that Novartis would have to pay pay MorphoSys is 100 million euros and the fee that MorphoSys would pay is 50 euros, according to a regulatory document On Wednesday.
A StatNews report on Tuesday sent MorphoSys' ADRs tumbling after saying Novartis could eventually try to exit the €2.7 billion deal if regulators don't approve an application for the drug pelabresib.
The final merger agreement did not indicate that there are exceptions for the agreement related to pelabresib, which contradicts the StatNews report.
MorphoSys told Bloomberg in a statement Tuesday that the StatNews report was “factually incorrect.” A spokesperson for MorphoSys (MOR) and Novartis (NVS) told Stat News that his report was incorrect and that the deal is still expected to close in the first half of the year.
