MorphoSys Closes on the Alliance with Celgene for MOR202 and Increases Financial Guidance
News Aug 12, 2013
MorphoSys AG has announced that its MOR202 alliance with Celgene Corporation has become effective upon receiving anti-trust clearance under the US Hart-Scott-Rodino Act.
In conjunction with deal closure, MorphoSys increased its financial guidance for fiscal year 2013 and the management board and supervisory board of MorphoSys resolved on a capital increase from authorized capital to issue 797,150 new shares to Celgene Alpine Investment Co., LLC.
Jens Holstein, Chief Financial Officer of MorphoSys AG, commented: "We are very pleased about receiving regulatory clearance and will now put our strategic alliance with Celgene into action. The upfront payment plus the equity further strengthens our financial position, enabling us to expand our proprietary portfolio of promising development candidates through targeted investments".
As a result of the Celgene transaction, MorphoSys has increased its financial guidance for fiscal year 2013.
MorphoSys now expects revenues of approximately EUR 74 million to EUR 78 million (previously EUR 68 million to EUR 72 million) and an EBIT of EUR 2 million to EUR 6 million (previously EUR -2 million to EUR +2 million).
In the capital increase Celgene will invest EUR 46.2 million to subscribe for 797,150 new shares of MorphoSys at a share price of EUR 57.90 per share.
This represents 3.4 % of MorphoSys's registered share capital and a premium of 5.0 % on the share's closing price on August 9, 2013.