MorphoSys Signs Global License Agreement with GlaxoSmithKline for Anti-Inflammatory Program MOR103
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MorphoSys AG /
MorphoSys Signs Global License Agreement with GlaxoSmithKline for
Anti-Inflammatory Program MOR103
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The issuer is solely responsible for the content of this announcement.
MorphoSys to Receive Committed and Success-based Payments of up to EUR 445
Million and Double-digit Royalties on Net Sales
Conference call today at 5:00pm CET (4:00pm GMT/11:00am EST
MorphoSys AG (FSE: MOR; Prime Standard Segment, TecDAX) announced today that
they have entered into a global agreement with GlaxoSmithKline (GSK) to develop
and commercialize MOR103. MOR103 is MorphoSys's proprietary HuCAL-derived
antibody against GM-CSF, which has concluded Phase 1/2 development in mild to
moderate rheumatoid arthritis.
Under the terms of the agreement, GSK will assume responsibility for all
subsequent development and commercialization of MOR103. As part of the
agreement, MorphoSys receives an immediate upfront payment of EUR 22.5 million.
On achievement of certain developmental, regulatory, commercial and sales-based
milestones, MorphoSys would be eligible to receive additional payments from GSK
of up to EUR 423 million, in addition to tiered, double-digit royalties on net
sales.
"This transaction is a major milestone for MorphoSys. Our goal was to secure an
agreement with a company having the commitment and expertise to turn MOR103 into
a successful drug, and in GSK we have clearly found such a partner. We hope this
alliance will result in a significant return on investment for the MOR103
program and to become a major value driver for MorphoSys," commented Dr. Simon
Moroney, Chief Executive Officer of MorphoSys AG.
"Today's announcement clearly illustrates our ability to take proprietary
programs from target to clinical proof of concept and an attractive partnership.
The pre-clinical and clinical data we have generated show that MOR103 has the
potential to offer new treatment options for rheumatoid arthritis. We also
believe that this molecule has potential in other indications as well. I'm
delighted that with this agreement, MOR103 will progress to the next stage in
its development," commented Dr. Arndt Schottelius, Chief Development Officer of
MorphoSys AG.
MOR103 has concluded a Phase 1 study in healthy volunteers and a Phase 1/2
clinical trial in mild to moderate rheumatoid arthritis patients. Additionally,
MOR103 is currently being evaluated in a Phase 1b dose-escalation safety study
in multiple sclerosis. MOR103 is an investigational medicine that is not
approved for use anywhere in the world.
As a result of the transaction, MorphoSys increased its financial guidance for
2013. MorphoSys expects revenues of approximately EUR 68 million to EUR 72
million (previously EUR 48 million to EUR 52 million) and an EBIT of EUR -2
million to EUR +2 million (previously EUR -18 million to EUR -22 million). The
original guidance did not include a successful out-licensing of any of the
Company's proprietary development programs. Around EUR 20 million of the upfront
payment of EUR 22.5 million shall be booked with signature. The remaining amount
shall be distributed over 2013 and 2014 according to the development plan for
the ongoing phase 1b MS trial of MOR103.
MorphoSys will hold a public conference call today, 3 June 2013 at 05:00 p.m.
CEST (11:00 a.m. EDT, 04:00 p.m. BST) to present more information on the
agreement.
Dial-in number for the Conference Call (listen-only):
Germany: +49 89 2444 32975
For U.K. residents: +44 20 3003 2666
For U.S. residents: +1 202 204 1514
Please dial in 10 minutes before the beginning of the conference.
A webcast replay and transcript will be made available at
http://www.morphosys.com/conference-calls.
About MorphoSys:
MorphoSys developed HuCAL, the most successful antibody library technology in
the pharmaceutical industry. By successfully applying this and other patented
technologies, MorphoSys has become a leader in the field of therapeutic
antibodies, one of the fastest-growing drug classes in human healthcare.
Together with its pharmaceutical partners, MorphoSys has built a therapeutic
pipeline of more than 70 human antibody drug candidates for the treatment of
cancer, rheumatoid arthritis, and Alzheimer's disease, to name just a few. With
its ongoing commitment to new antibody technology and drug development,
MorphoSys is focused on making the healthcare products of tomorrow. MorphoSys is
listed on the Frankfurt Stock Exchange under the symbol MOR. For regular updates
about MorphoSys, visit http://www.morphosys.com
HuCAL(®), HuCAL GOLD(®), HuCAL PLATINUM(®), CysDisplay(®), RapMAT(®), arYla(®)
and Ylanthia(®) and 100 billion high potentials(®) are registered trademarks of
MorphoSys AG.
Slonomics(®) is a registered trademark of Sloning BioTechnology GmbH, a
subsidiary of MorphoSys AG.
This communication contains certain forward-looking statements concerning the
MorphoSys group of companies. The forward-looking statements contained herein
represent the judgment of MorphoSys as of the date of this release and involve
risks and uncertainties. Should actual conditions differ from the Company's
assumptions, actual results and actions may differ from those anticipated.
MorphoSys does not intend to update any of these forward-looking statements as
far as the wording of the relevant press release is concerned.
For more information, please contact:
MorphoSys AG
Dr. Claudia Gutjahr-Löser
Head of Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-122
Mario Brkulj
Associate Director Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-454
Alexandra Goller
Specialist Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-332
investors(at)morphosys.com
Media Release (PDF):
http://hugin.info/130295/R/1706626/564976.pdf
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Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: MorphoSys AG via Thomson Reuters ONE
[HUG#1706626]
Unternehmensinformation / Kurzprofil:
Datum: 03.06.2013 - 14:55 Uhr
Sprache: Deutsch
News-ID 265764
Anzahl Zeichen: 7174
contact information:
Town:
Martinsried / München
Kategorie:
Business News
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