MorphoSys Achieves Clinical Milestone and Payment in Antibody Alliance
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MorphoSys AG has 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 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.
This is the sixth HuCAL-based antibody to advance into clinical development. MorphoSys anticipates that in 2009, between two and four partnered programs will enter clinical trials. With regard to its proprietary pipeline, the Company expects to commence a Phase 1b/2a trial of its proprietary program MOR103 in the second half of this year. By the end of 2009 the Company expects its partnered and proprietary pipeline to comprise up to eight compounds in clinical trials, thereof at least three antibodies in phase 2 studies.
"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 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.
This is the sixth HuCAL-based antibody to advance into clinical development. MorphoSys anticipates that in 2009, between two and four partnered programs will enter clinical trials. With regard to its proprietary pipeline, the Company expects to commence a Phase 1b/2a trial of its proprietary program MOR103 in the second half of this year. By the end of 2009 the Company expects its partnered and proprietary pipeline to comprise up to eight compounds in clinical trials, thereof at least three antibodies in phase 2 studies.
