MORPHOSYS - BUY | EUR135 vs. EUR140 (+92%) Even if uncertainty remains, current valuation makes it de facto a BUY
Any Tafa’s sale in 2020 would be an upsideNo uncertainty can justify current valuation
BUY reiterated and slight review of our FV
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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