MorphoSys nets $900M up front in global deal with Incyte for anti-CD19 mAb
The first major deal under the watch of MorphoSys’ new CEO Jean-Paul Kress triples the German biotech’s cash position through a global partnership with Incyte to develop and commercialize blood cancer therapy tafasitamab. While the deal’s $900 million upfront payment makes it one of the largest for a European biotech in the past year, MorphoSys shares fell as investors appeared dissatisfied with the company’s partner of choice.
The deal will see MorphoSys AG (Xetra:MOR; NASDAQ:MOR) and Incyte Corp. (NASDAQ:INCY) co-commercialize the anti-CD19 mAb in the U.S., while Incyte receives exclusive commercialization rights elsewhere. In return, MorphoSys receives $750 million in cash and a $150 million equity investment at an undisclosed premium to MorphoSys’ close of $37.29 on NASDAQ on Friday. MorphoSys is eligible for up to $1.1 billion in milestones, plus royalties in the range of mid-teens to mid-twenties percentage...