MORPHOSYS: MOR106 stopped for futility but MOR208 remains our main value driver | BUY | EUR117 vs. EUR125 (+20%)
MORPHOSYS - BUY | EUR117 vs. EUR125 (+20%)MOR106 stopped for futility but MOR208 remains our main value driver
MorphoSys bails on MOR106
A collaboration between Novartis, Galapagos and MorphoSys
Buy rating maintained but FV decreased to EUR117 per share
What’s next for MorphoSys?
MorphoSys is engaged in development and commercialization of antibodies for therapeutic applications. Co. operates in two segments: Partnered Discovery, which operates therapeutic development programs for drug candidates in cooperation with biotechnology and pharmaceutical companies; and Proprietary Development, which is engaged in the development of therapeutic antibodies in the area of inflammatory disease and oncology on a proprietary basis. As of Dec 31 2013, Co.'s proprietary antibody compounds in clinical trials included MOR103 in the areas of rheumatoid arthritis and multiple sclerosis; MOR202 in the field of multiple myeloma; and MOR208 in the field of malignant B-cell diseases.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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