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GEN News Highlights : Jun 3, 2013

GSK Grabs MorphoSys RA Candidate in Deal Worth Up to $548M

MorphoSys and GlaxoSmithKline have entered an agreement to develop and commercialize MOR103, the former firm’s HuCAL-derived antibody against GM-CSF, which has concluded Phase I/II development for mild to moderate rheumatoid arthritis (RA).

Through this agreement, GSK is responsible for all future development and commercialization of MOR103, for which MorphoSys will receive an up-front payment of €22.5 million (approximately $29.2 million).

As certain developmental, regulatory, commercial, and sales-based milestones are achieved, MorphoSys would also be eligible for additional payments of up to €423 million ($548 million), plus tiered, double-digit royalties on net sales.

MorphoSys said it has adjusted its financial guidance for the year, as it predicts expected revenues to jump from €68 million ($89 million) to €72 million ($93.6 million) as a result of this GSK deal.