MORPHOSYS: Incyte’s deal ticks the right boxes, but disappoints the most bullish investors | BUY | EUR140 vs. UR (+13%)
MORPHOSYS - BUY | EUR140 vs. UR (+13%)Incyte’s deal ticks the right boxes, but disappoints the most bullish investors
Incyte is a great partner, but is it the best?
Incyte wants to open up new horizons, but it comes at a cost
Financial terms are attractive, although only partially disclosed
An acquisition is off the table now, but had it ever been on?
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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