Biotech Values

[DewDiligence]

MOR, GLPG out-license MOR-106 to NVS:

https://globenewswire.com/news-release/2018/07/19/1539326/0/en/MorphoSys-and-Galapagos-Sign-Global-License-Agreement-for-MOR106-with-Top-Pharma-Partner.html

MOR106 is an investigational, fully human, IgG1 monoclonal antibody directed against the target IL-17C that was generated in a collaboration between MorphoSys and Galapagos. Under the terms of the agreement, the parties will cooperate to broaden the existing development plan for MOR106 in AtD [atopic dermatitis] significantly. Novartis will be exclusively holding all rights for commercialization of any products resulting from the agreement signed today. …Novartis will explore the potential of MOR106 in additional indications other than AtD.

…In addition to the funding of the current and future MOR106 program by Novartis, MorphoSys and Galapagos will jointly receive an upfront payment of EUR 95 million (USD 111 million). Pending achievement of certain developmental, regulatory, commercial and sales-based milestones, MorphoSys and Galapagos would jointly be eligible to receive significant milestone payments, potentially amounting up to approximately EUR 850 million (USD 1 billion*), in addition to tiered royalties on net commercial sales in the range of up to low-teens to low-twenties. Under the terms of their 2008 agreement, Galapagos and MorphoSys will share all payments equally (50/50).