MorphoSys Rises on $818 Million Drug Alliance: Frankfurt Mover
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MorphoSys AG rose to a 12-year high after announcing an alliance for an experimental cancer treatment with Celgene Corp. worth as much as 628 million euros ($818 million) plus royalties on sales.
The stock jumped 17 percent to 43.50 euros as of 9:42 a.m. in Frankfurt, the highest price since February 2001. That gave the Martinsried, Germany-based company a value of about 1 billion euros. The shares have gained 48 percent this year.