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Morphic (NASDAQ:MORF) stock is rocketing higher on Monday after the company reached an acquisition agreement with Eli Lilly (NYSE:LLY).

With this agreement, Eli Lilly will acquire Morphic for $3.2 billion in cash. The company will do so through a tender offer for MORF shares. This has it agreeing to pay $57 per share for the company’s stock.

Eli Lilly notes that its offer for MORF stock is a pretty premium. It’s a 79% premium of the stock’s closing price on Friday and an 87.2% premium over its  30-day volume-weighted average trading price from that same date.

Daniel Skovronsky, M.D., Ph.D., Chief Scientific Officer of Eli Lilly, said the following about the deal.

“We are eager to welcome Morphic colleagues to Lilly as this strategic transaction reinforces our commitment to developing new therapies in the field of gastroenterology, where Lilly has made significant investments to deliver first-in-class molecules for the benefit of patients.”

Morphic and Eli Lilly are expecting the deal to close in the third quarter of 2024.

MORF Stock Movement Today

With this news comes heavy trading of MORF stock on Monday. This has more than 26 million shares of the stock changing hands as of this writing. That’s well above its daily average trading volume of about 519,000 shares.

MORF stock is up 75.1% as of Monday morning.

Investors will find more of the most recent stock market stories below!

We have all of the hottest stock market news available on Monday! A few examples include what’s happening with shares of Boeing (NYSE:BA), Nio (NYSE:NIO) and Paramount Global (NASDAQ:PARA) stock today. All of that info is ready at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.