MorphoSys AG : Raising TP to € 106 to reflect the upside from CD38 patent litigation
>Strong share price reflects pipeline progress, but there is still upside - Following strong growth in 2017, MorphoSys’s share price has continued to increase in 2018 ytd, reflecting solid progress in i/ the company’s proprietary programmes MOR202 and MOR208 and ii/ its partnered programmes as well, esp. Tremfya (approvals in additional countries) and Gantenerumab (phase 3 trial started by Roche). In the proprietary pipeline, MOR208 is the key value driver in our view...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.
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