Novartis in-licenses atopic dermatitis compound for up to $1.11 billion
Swiss pharma giant Novartis (NOVN: VX) has entered into an exclusive license agreement with two biotech companies – Belgo-Dutch Galapagos (Euronext: GLPG) and Germany’s MorphoSys (FSE: MOR) - regarding their atopic dermatitis compound MOR106.
Under the agreement, Novartis acquires the exclusive global development and marketing rights to MOR106 for atopic dermatitis and all other potential indications. Novartis will make an up-front payment of 95 million euros ($111 million) and potential milestone payments of up to around 850 million euros ($1 billion) plus royalties up to low-teens to low-twenties. Payments will be split 50:50 between the companies.
News of the deal saw Galapagos’ shares rise 2.21% to 89.86 euros and those of MorphoSys gained 3.71% to 117.40 in early trading this morning.
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