Celgene returns MOR202 antibody rights to MorphoSys

29 March 2015

Share of MorphoSys (FSE: MOR) fell 20% to 54.71 euros after the company revealed that US biotech firm Celgene (Nasdaq: CELG) has dropped its $818 million multiple myeloma agreement (of which $92 million was upfront) with the German group less than two year after signing the accord (The Pharma Letter June 27, 2013).

The companies have mutually agreed to terminate their co-development and co-promotion agreement for MOR202, said MorphoSys.

Clinical development of MOR202, which currently involves a MorphoSys-sponsored Phase I/IIa trial in relapsed or refractory multiple myeloma patients, will continue as planned. This trial includes combination cohorts with lenalidomide and pomalidomide which will be provided to MorphoSys by Celgene. Financial details were not disclosed.

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