MorphoSys Nominates First Pre-Development Program in Antibody Collaboration
09/24/2008 at 07:30 AM
MorphoSys AG (FSE: MOR; Prime Standard Segment, TecDAX) announced today that it has exercised its first option to participate in the development of a therapeutic antibody program within its collaboration with Novartis. In a first, pre-development step, Novartis will fund the companies' joint efforts until the program reaches formal pre-clinical development. MorphoSys will recognize its share of the funding as additional revenues.
In December 2007, MorphoSys and Novartis forged one of the most comprehensive strategic alliances in the discovery and development of biopharmaceuticals. Financial terms include committed payments in excess of US$600 million over the 10-year lifetime of the agreement. Under the co-development options, MorphoSys may elect to participate in a selection of projects through cost and profit sharing with financial participation reflecting its level of investment in the respective programs. The pre-development agreement provides MorphoSys with the option to enter a formal co-development for the respective program with Novartis. Certain early stage costs in these programs are being funded by Novartis.
"Today's news marks another significant step in our plans to expand our proprietary drug development activities. This is a great opportunity for MorphoSys to become involved in developing an antibody against a very promising target together with Novartis," commented Dr. Simon Moroney, Chief Executive Officer of MorphoSys. "We see these pre-development options as an extremely valuable component of our deal with Novartis as they give us the opportunity to build our drug development capability in conjunction with one of the strongest and most experienced companies in the pharmaceutical industry."
For further information please contact: Dr. Claudia Gutjahr-Löser, Head of Corporate Communications & Investor Relations, Tel: +49 (0) 89 / 899 27-122, gutjahr-loeser@morphosys.com or Mario Brkulj, Manager Corporate Communications & Investor Relations, Tel: +49 (0) 89 / 899 27-454, brkulj@morphosys.com |
