MorphoSys Announces Extension of Strategic Partnership with Schering AG
MorphoSys AG announces the extension of its collaboration with Schering AG, Berlin, to develop innovative antibody therapeutics and in vivo diagnostics. The collaboration, originally signed in December 2001, is extended by at least two more years, until the end of 2006, with the option of a further extension period of one year beyond this time frame. In return for granting Schering access to the HuCAL GOLD� technology, MorphoSys receives annual license fees under the revised contract, funding for a team of scientists working at MorphoSys on Schering�s behalf, license fees in respect of active therapeutic and diagnostic antibody projects, and stands to receive milestones and royalties on products developed and brought to market. As part of the collaboration, Schering also receives exclusive commercial licenses for several therapeutic antibody programs, relating to work on which both partners have been collaborating over the past three years. The two partners have, to date, identified three therapeutic antibody candidates that are being processed. Another program covers the use of an antibody in the field of in vivo diagnostics. The magnitude of the related financial payments to MorphoSys was not disclosed.
As part of their collaboration, Schering acquired in December 2001 a total of 357,880 MorphoSys shares, representing 6.6% of the present outstanding shares. The original objective of the collaboration was to develop therapeutic antibodies and in vivo diagnostics, particularly in the field of oncology � one of Schering's core business areas. The two companies will continue to collaborate on a variety of different molecules mainly in oncological indications.
"We believe that HuCAL(tm) is one of the most powerful technologies available for the generation of human antibodies", commented Dr. Andreas Menrad, Head of Anti-Angiogenesis Research, CRBA Oncology of Schering AG. "Based on the achieved successes to date, we are very pleased to extend the collaboration with MorphoSys."
"The collaboration with Schering is one of our most successful, from which we expect a number of innovative, antibody-based products", commented Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG. "We look forward to continuing to work together with Schering to further expand the pipeline of HuCAL GOLD(tm)-derived drugs in development."
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