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Investors unmoved with Morphosys' tafasitamab deal, shares down 8%

Jan. 13, 2020 2:43 PM ETMorphoSys AG (MOR) Stock, INCY StockBy: Douglas W. House, SA News Editor1 Comment
  • Investors appear unimpressed with Morphosys AG's (NASDAQ:MOR -7.9%) $2B collaboration and license agreement with Incyte (NASDAQ:INCY +1%) for anti-CD19 antibody tafasitamab, in clinical development for B cell blood cancers.
  • Under the terms of the agreement, the companies will co-commercialize tafasitamab in the U.S. with MOR leading strategy and booking all sales. Profits and losses will be equally shared. INCY will own exclusive commercialization rights ex-U.S., leading strategy and booking all sales and paying MOR royalties.
  • MOR will receive $750M upfront, up to $1.1B in milestones and tiered mid-teens-to-mid-twenties royalties on net ex-U.S. sales. INCY will also make a $150M equity investment in MOR via the purchase of American Depositary Shares (ADSs) at a premium to the share price at signing.
  • MOR and INCY will share global clinical trial costs on a 45/55 basis while INCY will pay all costs associated with studies conducted ex-U.S. that are specific to those countries.

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