MorphoSys Inks Licensing Agreement With Novartis For Preclinical Cancer Programs

MorphoSys AG's MOR subsidiary Constellation Pharmaceuticals Inc has entered into a global licensing agreement with Novartis AG NVS to research, develop and commercialize its pre-clinical inhibitors of a novel cancer target.
This program was added to MorphoSys' research portfolio following its acquisition of Constellation Pharmaceuticals in 2021 for $1.7 billion.
"At MorphoSys, we will continue to focus our resources on driving our late- and mid-stage oncology pipeline forward, which has the potential to enhance the standard and quality of care in difficult-to-treat and debilitating types of blood cancers," said Jean-Paul Kress, CEO of MorphoSys.
Novartis will assume full responsibility for the program's subsequent research, development, and commercialization activities.
As part of the agreement, MorphoSys receives an immediate upfront payment of $23 million.
MorphoSys will be eligible to receive milestone payments from Novartis in addition to mid-single- to low-double-digit royalties on program net sales.
Price Action: MOR shares are up 1.40% at $4.35 on the last check Wednesday.