<p>BERLIN — Germany-based MorphoSys AG said Wednesday that it is buying U.S. rival Constellation Pharmaceuticals Inc. in a deal valuing the biotech company at $1.7 billion.</p>
<p>MorphoSys said in a statement that it has agreed to pay $34 in cash per Constellation share and the takeover has been unanimously approved by both companies’ boards.</p>
<p>Constellation, based in Cambridge, Mass., specialized in novel therapeutics in patients with cancer.</p>
<p>The deal, expected to be completed in the third quarter, was enabled through $2.025 billion in funding that MorphoSys received from investor Royalty Pharma, in return for royalties on several drugs developed by the German company, which is headquartered in Planegg near Munich.</p>
