MorphoSys Starts Multiple Antibody Programs with Schering AG
Monday October 10, 1:38 am ET
MARTINSRIED, Germany, Oct. 10, 2005 (PRIMEZONE) -- MorphoSys AG (Frankfurt Stock Exchange:MOR) (Prime Standard Segment:TecDAX) announced today the start of a further three therapeutic antibody programs within the scope of its collaboration with Schering AG, Germany (FSE:SCH) (NYSE:SHR - News). Schering has selected three new target molecules, against which MorphoSys will generate antibodies using its proprietary HuCAL GOLD(r) technology. Additionally, MorphoSys has granted Schering eight exclusive licenses for in vivo diagnostic applications. In exchange, MorphoSys stands to receive licensing payments. Schering will carry out pre-clinical and clinical development and has the worldwide marketing rights for all resulting products. Financial terms were not disclosed.
Within the collaboration, originally signed in December 2001, both companies develop antibodies against a variety of disease-related target molecules mainly involved in oncology for both therapeutic and in vivo diagnostic purposes. The collaboration was extended in December 2004 until the end of 2006, with the option of a further extension period of one year beyond this time frame. Including today's announcement, the parties have six therapeutic antibody programs based on MorphoSys's HuCAL(r) technology currently in progress. Schering owns approximately 6% of today's outstanding shares of MorphoSys.
``Partnered programs based on our HuCAL(r) technology in which we participate through milestone and royalty payments have always been at the center of the MorphoSys strategy,'' explained Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG. ``Combined with these new programs with our partner Schering there are currently more than 25 partnered programs ongoing, and as these move forward, the frequency and size of milestone payments will further increase.'' |
