Monday, December 24, 2001
German antibody play MorphoSys AG hopes its new alliance with Schering AG will provide the final boost to transform the service company into one of Europe's few drug development plays, providing the necessary funds to develop a clinical program in oncology and inflammation.
The collaboration will involve MOR's new HuCAL Gold antibody library with SHR's genomics-based targets in oncology, immunology, circulation and neurology. But while the research part of the collaboration may look similar to MOR's previous deals, the financial details are unique, because SHR will take a 10% equity stake through the purchase of nearly 360,000 MOR shares.
Based on MOR's Thursday close at E61.65, when the deal was announced, the equity purchase would have a value of E