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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.

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