Shares of biopharmaceutical company Morphic Holding, Inc. (MORF) were surging more than 75 percent in pre-market on Monday on the news of it being acquired by Eli Lilly and Company (LLY) for about $3.2 billion.
As per the agreement, Lilly will commence a tender offer to acquire all outstanding shares of Morphic for $57 per share, a premium of about 79 percent to the closing stock price on July 5.
Morphic shares had closed at $31.84, up 0.03 percent on Friday. The stock has traded in the range of $19.34 - $62.08 in the last 1 year.
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