MorphoSys Discontinues US Discovery Activities, Takes €231M Impairment Charge

MorphoSys AG MOR has reported a non-cash impairment charge of €231 million on goodwill after consolidating research and discovery functions.
This write-down results from the consolidation of the Company's research and discovery activities after the acquisition of Constellation Pharmaceuticals.
MorphoSys decided to focus its research activities on the most advanced programs and centralize all laboratory activities at its German research hub in Planegg, Germany.
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All US-based activities relating to discovery biology and drug discovery departments were discontinued.
Early pipeline projects cannot be realized anymore, and the expected cash flows from these projects will not materialize accordingly.
Price Action: MOR shares are down 0.93% at $6.42 during the market session on the last check Thursday.