Outlook: Expanding its prospects
The licensing deal to co-develop MOR209 in castration-resistant prostate cancer (CRPC) with Emergent Biosolutions adds another high-potential antibody to MorphoSys’s proprietary pipeline. Meanwhile, the expansion of the MOR202 Phase I/II trial delays study completion, but optimises the antibody’s market positioning. Phase II data with MOR208 highlights its potential in subgroups of non-Hodgkin’s lymphoma (NHL). There are now 18 antibodies in its partnered pipeline, and J&J has recently advanced guselkumab into Phase III for psoriasis. We raise our valuation to €2.04bn.
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