Report
Jean-Jacques Le Fur

MORPHOSYS: Tafasitamab (now Monjuvi) approved one month ahead of the PDUFA date | BUY | EUR130 vs. EUR135 (+20%)

MORPHOSYS - BUY | EUR130 vs. EUR135 (+20%)
Tafasitamab (now Monjuvi) approved one month ahead of the PDUFA date

Clearing up one of investors’ main concerns
Key positioning vs CAR-Ts makes perfect sense in this context
Buy reiterated supported by a EUR130 FV
Underlying
MorphoSys AG

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.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Jean-Jacques Le Fur

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