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 A mid-stage clinical study for its MOR106 antibody, jointly
developed with Switzerland's Novartis and Belgo-Dutch biotech
Galapagos NV, was stopped part-way into the trial as it did not
reduce eczema and skin irritation as hoped, Morphosys said late on
Monday.
The shares were down 3.1% at 94.10 euros at 0825 GMT.
The German biotech company is using proceeds from a second listing
in the United States last year to build a U.S. sales force from
scratch in expectation of the launch of its most advanced drug,
MOR208 against a type of blood cancer, next year.
MOR106, in turn, was its second-most advanced drug candidate, with
analysts seeing future peak annual sales well above $1 billion.
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"The decision was based on a lack of efficacy and not on safety
concerns," Morphosys said in a statement.
Galapagos and Morphosys announced their collaboration with Swiss
pharma giant Novartis in July 2018, targeting atopic dermatitis and
potentially other conditions.
Morphosys said it would explore the future strategy regarding MOR106
with its collaboration partners.
(Reporting by Tassilo Hummel and Ludwig Burger, editing by Riham
Alkousaa and Thomas Escritt)
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