MorphoSys Achieves Clinical Milestone and Payment in Antibody Alliance
MorphoSys AG announced that it has received a milestone payment from its collaboration with Novartis. The payment was triggered by Novartis filing of the necessary documentation to initiate a Phase 1 clinical trial with a HuCAL-derived fully human antibody. This is the second HuCAL antibody to enter clinical trials within MorphoSys's alliance with Novartis.
"Our partnered pipeline is a core asset that is a key driver of the Company's value," commented Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG. "Our alliance with Novartis is developing well and we are delighted to see this second program advance into Phase 1 clinical trials. These two programs in the clinic illustrate the progress we've made, but are only the tip of the iceberg in terms of the value that the Novartis alliance brings to MorphoSys."
In December 2007, MorphoSys and Novartis forged one of the industry's most comprehensive strategic alliances in the discovery and development of biopharmaceuticals. Financial terms include committed payments in excess of US$600 million over the lifetime of the agreement.
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