Constellation is a very close competitor of Zenith Epigenetics, both being lead BET inhibitor companies in the cancer/oncology space. However, in my opinion Zenith has a much more advanced program and is worth more. Barsax started a thread on this deal over on the RVX board. Below is a StatNews article on the deal. 

German drug maker Morphosys to buy Constellation Pharma in $1.7 billion deal - Adam Feuerstein, Stat News: https://www.statnews.com/2021/06/02/morphosys-constellation-pharma-acquisition/

German drugmaker MorphoSys said Wednesday that it will acquire Constellation Pharmaceuticals for $1.7 billion to bolster its research pipeline of cancer drug candidates.

Constellation, based in Cambridge, Mass. is in the late stage of clinical trials for a drug to treat patients with myelofibrosis, a type of bone marrow cancer. The company is also developing a second drug in earlier development for different types of blood-related cancers and solid tumors.

Morphosys is paying $34 per share to acquire Constellation, which represents a 68% premium to the stock’s closing price on Tuesday.

The acquisition is a “major step forward for MorphoSys as we bolster our position in hematology-oncology,” said CEO Jean-Paul Kress, in a statement.

Morphosys is best known for inventing antibody treatments for other drug makers. More recently, the company has tried to develop its own drugs, with mixed success. Last year, Morphosys and partner Incyte won U.S. approval for an antibody drug to treat a type of aggressive lymphoma, but the company has also struggled to fill out its pipeline with internally derived drug candidates. Acquiring Constellation helps solve that problem.

To help pay for the acquisition, Morphosys is turning to Royalty Pharma, a company that buys revenue streams from other drug makers. Under terms of the new financing deal, Royalty Pharma is providing Morphosys with $1.4 billion in cash, in exchange for the rights to royalty revenue that Morphosys owns on certain approved and experimental drugs. Royalty is also buying a $100 million equity stake in Morphosys and providing additional financing.