MorphoSys Secures Full-Term of Strategic Alliance
MorphoSys AG announced that Novartis has committed to a ten-year term of the strategic alliance originally signed in December 2007. The decision was based on the successful achievement by MorphoSys of certain predefined improvements in its proprietary technologies. The collaboration will now run until 2017 and may be extended by Novartis for an additional two years beyond that time under the same financial terms and conditions. The option for Novartis to terminate the alliance after seven years is thereby removed.
"Today's news further increases the secured value for MorphoSys from our largest therapeutic alliance to date. Our alliance with Novartis is developing well and we are therefore delighted to be able to exploit its full potential", commented Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG. "The latest technological advances in our core antibody platform contributed significantly to achieving this extension."
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 ten-year lifetime of the agreement. Within the collaboration, two antibody programs are currently in clinical development.
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