MorphoSys, Celgene partner for MOR202

MorphoSys AG (Xetra:MOR; Pink:MPSYF) partnered with Celgene Corp. (NASDAQ:CELG) to co-develop worldwide and co-commercialize in Europe MorphoSys' MOR202. The human mAb against CD38 is in a Phase I/IIa trial for relapsed or refractory multiple myeloma (MM). 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 said the deal is worth up to EUR 628 million ($823 million).

MorphoSys is responsible for one-third of development costs for MOR202, and Celgene is responsible for all remaining costs. MorphoSys is eligible for undisclosed milestones, plus tiered, double-digit royalties outside Europe. The companies will evenly split profits in Europe. ...