MorphoSys cuts staff

MorphoSys (FSE:MOR) said it will reduce its headcount by 24% to 91 from 120 employees and move MorphoSys USA to its headquarters in Munich, Germany, in order to cut costs and ensure at least three more years of operation. MOR also reiterated its desire to find a merger partner on its third quarter conference call. The announcement comes only weeks after MOR and British Biotech (LSE:BBG; BBIOY) called off merger discussions (see BioCentury, Oct. 28, 2002). ...