MorphoSys gains on Celgene deal

Shares of MorphoSys AG (Xetra:MOR; Pink:MPSYF) rose EUR 6.28 (17%) to EUR 43.46 on Thursday after the company announced with Celgene Corp. (NASDAQ:CELG) late Wednesday that the companies had partnered to co-develop worldwide and co-commercialize in Europe MorphoSys' MOR202. The human mAb against CD38 is in a Phase I/II trial for relapsed or refractory multiple myeloma (MM).

Under the deal, MorphoSys will receive EUR 70.8 million ($92.8) million up front and Celgene will buy EUR 46.2 million ($60.5 million) in newly issued MorphoSys shares. MorphoSys also is eligible for up to EUR 511 million ($669.7 million) in milestones, plus tiered, double-digit royalties outside Europe (see BioCentury Extra, June 26). ...