Business & Finance
Business and Finance
Business and Finance
Tue, February 22, 2011
Mon, February 21, 2011 MorphoSys Completes Technology Transfer in Strategic Antibody Alliance
MARTINSRIED, GERMANY and MUNCHEN, GERMANY--(Marketwire - February 22, 2011) -
MorphoSys AG / MorphoSys Completes Technology Transfer in Strategic Antibody Alliance Processed and transmitted by Thomson Reuters. The issuer is solely responsible for the content of this announcement.
Full Installation of HuCAL Platform Triggers Double-Digit Million Euro Milestone Payment
MorphoSys AG (FSE: MOR; Prime Standard Segment) announced today that it has received a technology milestone payment from Novartis in connection with completion of the installation of its HuCAL antibody platform at Novartis Institutes for BioMedical Research in Basel, Switzerland. The milestone arises in connection with an option in the 2007 agreement between the two companies for Novartis to internalize the HuCAL technology, and comprises a double- digit million euro payment. The collaboration between the companies is unaffected by the achievement of the milestone, and the number of active programs to be pursued by Novartis as well as the number of MorphoSys employees working on Novartis's projects remains unchanged. The milestone is already included within MorphoSys's projected 2011 revenues of at least EUR 105 million.
"We are delighted to have reached this important milestone with Novartis just three years after the signature of our strategic alliance", commented Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG. "The payment is of major financial benefit to MorphoSys. Furthermore, this news underscores Novartis's commitment to HuCAL and the ongoing success of our collaboration based on this technology."
In December 2007, MorphoSys and Novartis forged one of the industry's most comprehensive strategic alliances for the discovery and development of biopharmaceuticals. The ten-year deal is potentially worth US$ 1 billion and covers the use of MorphoSys's proprietary HuCAL technology to generate a large number of therapeutic antibody products. MorphoSys receives technology licence fees, R&D funding, and product-related milestones and royalties. Within the collaboration, some 35 therapeutic antibody programs are currently ongoing, five of which are in clinical development.
About MorphoSys:
MorphoSys is an independent biotechnology company that develops novel antibodies for therapeutic, diagnostic and research applications. The Company's HuCAL technology is one of the most powerful methods available for generating fully human antibodies. By successfully applying this and other proprietary technologies, MorphoSys has become a leader in the field of therapeutic antibodies, one of the fastest-growing drug classes in human health-care. Through its alliances with some of the world's leading pharmaceutical companies, MorphoSys has created a pipeline of more than 60 drug candidates. The Company is expanding its drug pipeline by adding new partnered programs, and by building a portfolio of fully-owned therapeutic antibodies. For its proprietary portfolio, the Company is focused on the areas of oncology and inflammation. Its most advanced program MOR103, a first-in-class, fully human antibody against GM- CSF, is currently being tested in a Phase Ib/IIa trial in rheumatoid arthritis patients. Via its business unit AbD Serotec, MorphoSys is expanding the reach of its technologies in the diagnostics and research markets. MorphoSys is headquartered in Munich, Germany and listed on the Frankfurt Stock Exchange under the symbol "MOR". For further information, visithttp://www.morphosys.com/
HuCAL®, HuCAL GOLD®, HuCAL PLATINUM®, CysDisplay® and RapMAT® are registered trademarks of MorphoSys; arYla™ is a trademark of MorphoSys.
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.
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MorphoSys AG Lena-Christ-Str. 48 Martinsried / München Germany
WKN: 663200;ISIN: DE0006632003;Index:TecDAX,CDAX,Prime All Share,TECH All Share,HDAX,MIDCAP; Listed: Freiverkehr in Börse Stuttgart, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, Freiverkehr in Bayerische Börse München, Freiverkehr in Niedersächsische Börse zu Hannover, Prime Standard in Frankfurter Wertpapierbörse, Regulierter Markt in Frankfurter Wertpapierbörse;
Press Release: [ http://hugin.info/130295/R/1491124/426737.pdf ]
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Source: MorphoSys AG via Thomson Reuters ONE
[HUG#1491124]
