SUMMIT (dpa-AFX) - MorphoSys AG (MPSYY.PK) announced that it has regained rights to MOR202 from Celgene Corp. (CELG). The companies have mutually agreed to terminate their co-development and co-promotion agreement for MOR202.
Clinical development of MOR202, which currently involves a MorphoSys-sponsored phase 1/2a 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.
MorphoSys said it aims to release first clinical data from the ongoing phase 1/2a trial at a medical conference in 2015. Cohorts in which MOR202 is combined with lenalidomide and with pomalidomide will be added to the trial during the first half of 2015. CD38 is a promising target for the treatment of multiple myeloma and potentially other hematological malignancies. An effective antibody against this target could change future treatment regimens in multiple myeloma and also become the basis for treatments in several other forms of cancer.
As a result of the termination of the co-development and co-promotion agreement for MOR202, MorphoSys has updated its financial guidance. MorphoSys now expects revenues for the 2015 financial year in the amount of 101 million euros to 106 million euros (up from previously 58 million euros to 63 million euros) due to the full realization of deferred revenues from the original agreement with Celgene and a one-time payment from Celgene for development costs in 2015.
MorphoSys now expects earnings before interest and taxes or EBIT of approximately 9 million euros to 16 million euros in 2015, compared to previous outlook of -20 million euros to -30 million euros.
Copyright RTT News/dpa-AFX