MorphoSys AG : Ad hoc: MorphoSys Signs Global License Agreement with
GlaxoSmithKline for Anti-Inflammatory Program MOR103 and Increases Guidance
MorphoSys AG / License / Ad hoc: MorphoSys Signs Global License Agreement with
GlaxoSmithKline for Anti-Inflammatory Program MOR103 and Increases Guidance .
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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 EUR423 million, in addition to tiered,
double-digit royalties on net sales.
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 EUR22.5 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.
END OF AD HOC ANNOUNCEMENT
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
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:
Dr. Claudia Gutjahr-Löser
Head of Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-122
Associate Director Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-454
Specialist Corporate Communications & IR
Tel: +49 (0) 89 / 899 27-332
Ad hoc announcement (PDF)
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information contained therein.
Source: MorphoSys AG via Thomson Reuters ONE
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