2015-03-26T17:10:51 CET1 906 587Ad hoc: MorphoSys and Celgene Mutually Agree to End MOR202 Collaboration and MorphoSys Updates its Financial Guidance for 2015
MorphoSys AG (FSE: MOR; Prime Standard Segment, TecDAX; OTC: MPSYY) announced today that it has regained rights to MOR202 from Celgene Corporation. The companies have mutually agreed to terminate their co-development and co-promotion agreement for MOR202. Clinical development of MOR202, which currently involves a MorphoSys-sponsored phase 1/2a trial in relapsed or refractory multiple myeloma patients, will continue as planned. This trial includes combination cohorts with lenalidomide and pomalidomide which will be provided to MorphoSys by Celgene.
MorphoSys aims to release first clinical data from the ongoing phase 1/2a trial at a medical conference in 2015. Cohorts in which MOR202 is combined with lenalidomide and with pomalidomide will be added to the trial during the first half of 2015.
2015 Guidance Update:
As a result of the termination of the co-development and co-promotion agreement for MOR202, MorphoSys has updated its financial guidance. The Company now expects revenues for the 2015 financial year in the amount of EUR 101 million to EUR 106 million (up from previously EUR 58 million to EUR 63 million) due to the full realization of deferred revenues from the original agreement with Celgene and a one-time payment from Celgene for development costs in 2015. Based on management's current planning, proprietary R&D expenses are expected to increase to a range of EUR 56 million to EUR 63 million (previously EUR 48 million to EUR 58 million), including the development costs for MOR202 for the remainder of the year. The Company now expects earnings before interest and taxes (EBIT) of approximately EUR 9 million to EUR 16 million in 2015 (previously EUR -20 million to EUR -30 million).
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 90 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®, Ylanthia® and 100 billion high potentials® are registered trademarks of MorphoSys AG.
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.
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