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Morphosys-Galapagos, Therapeutic Antibodies

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de tuinman schreef op 13 januari 2020 22:47:

9% is wel erg veel.

In duitsland doen ze alles grondig. Die jefferies commentaar las ik ergens op een duitse site trouwens. Maar was nogal summier.
Eventjes wat getalletjes opgesnord over Morphosys in 2019Q3 rapport.

Cash Positie : 412 miljoen Euro
EBIT nodig per jaar : ongeveer 110 miljoen Euro.

Ze konden dus nog een jaartje of vier verder.

Maar, nu komt er een betalingske van 750 miljoen euro wegens de deal met Incyte.

Moet er niet echt een tekeningtje bij maken wat dat dat zou kunnen betekenen ???
de tuinman

Toert schreef op 14 januari 2020 14:41:

Eventjes wat getalletjes opgesnord over Morphosys in 2019Q3 rapport.

Cash Positie : 412 miljoen Euro
EBIT nodig per jaar : ongeveer 110 miljoen Euro.

Ze konden dus nog een jaartje of vier verder.

Maar, nu komt er een betalingske van 750 miljoen euro wegens de deal met Incyte.

Moet er niet echt een tekeningtje bij maken wat dat dat zou kunnen betekenen ???

Incyte will also invest $150 million in MorphoSys stock and agreed to extend another $1.1 billion in conditional payments should development of tafasitimab hit certain clinical, regulatory and sales milestones.
Wall Street Trader

Toert schreef op 13 januari 2020 22:44:

@wall street trader:

Ik las ergens dat jefferies Incyte een slechte keuze vond. Vind je daar iets van terug ?

Ik dacht eerst dat de vrije val daardoor kwam, maar blijkbazr is de beweging voor alle biotech. Komt wel goed.


I read the report from Jefferies yesterday briefly.... Can't find it anymore I'm sorry.

But it didn't provide much information. They weren't too keen on the deal.

Hereby some new views on Morphosys:

Piper says terms of Incyte deal 'attractive' for Morphosys

Piper Sandler analyst Danielle Brill maintained an Overwight rating and $42 price target on MorphoSys (MOR) after the company announced a global collaboration with Incyte (INCY) for the development of tafasitamab. Brill said the deal is "great" in terms of economics and future governance of the assets, though she does believe investors will question whether Incyte is the "ideal" partner to unlock tafasitamab's full potential. The analyst noted, however, that she does believe tafa will be a "top-priority" for both companies, and they will be equally committed to insuring it is a commercial success.

Incyte (INCY) and MorphoSys (MOR) analyst commentary from Goldman Sachs

MorphoSys collab deal an 'incremental positive' for Incyte, says Goldman Sachs. Goldman Sachs analyst Salveen Richter says the global collaboration and license agreement between Incyte (INCY) and MorphoSys (MOR) to develop and commercialize tafasitamab for B-cell malignancies is an "incremental positive" for Incyte, as it adds a near commercial stage asset. Under the terms of the deal, the companies will co-commercialize tafasitamab with a 50:50 profit split in the U.S., while Incyte will have exclusive commercialization rights excluding the U.S. Outside of the initial indication, Incyte and MorphoSys will also explore monotherapy use of tafasitamab in other B cell malignancies as well as in combination with Incyte's parsaclisib, which Richter says offers upside to his numbers. He made no change to his Conviction Buy rating and $107 price target for Incyte shares.

MorphoSys analyst commentary from JMP Securities

Incyte price target raised to $121 from $99 at JMP Securities. JMP Securities analyst Reni Benjamin raised his price target on Incyte (INCY) to $121 and kept his Outperform rating after the company announced a global collaboration and license agreement for tafasitamab with MorphoSys (MOR) yesterday. Despite the $900M cash payment upon closing by Incyte, the analyst believes that the deal is net-positive for both companies as Incyte gains a "significant" mid-to-long term revenue driver while MorphoSys gets access to its established "hematology/oncology network and expertise."

Wall Street Trader
Bryan Garnier & Co Morphosys (Buy) PT € 140

Fair Value EUR140

(14th January 2020)

Incyte is a great partner, but is it the best?

Given the market’s reaction following yesterday’s announcement ($MOR: -9% at EU
closing), we acknowledge that investors think Incyte is not the best possible partner
(while some had expected a buyout). Although we were also hoping for a bigger name,
some kind of price needed to be paid to keep half of the US rights and leverage them
to build up MorphoSys’ US commercial franchise. While Incyte is not AstraZeneca, it
nevertheless has strong expertise in haematology as well as an extended commercial
footprint in the US and in Europe. On top of that, while big pharmas can deprioritise
projects on the go, we are expecting Incyte to stay fully committed in view of the
investment made. Can it help deliver the USD3.5bn in sales that we forecast at peak?
We think so. Especially since Incyte already covers most of the physicians treating
DLBCL in the US and Europe. Bottom line, Incyte is the best partner MorphoSys could get without losing all control oover its most important drug and biggest value-driver.

Incyte aims to open new horizons, but this comes at a cost

Although we also believe that Tafasitamab has a strong potential beyond DLBCL, it is
worth bearing in mind that all these new developments will also be supported by
MorphoSys at a rate of 45%. While no timing has been disclosed for now, Incyte is
planning to start a combination study with its proprietary PI3K-delta inhibitor
parsaclisib in R/R B-cell malignancies, a phase III in follicular lymphoma/marginal
zone lymphoma as well as potential registration-enabling studies in CLL. Beyond the
financing perspective, this raises some questions regarding the recent collaboration
initiated with Vivoryon Therapeutics. Signed before Jean-Paul Kress' arrival, it was
looking to combine Tafa with PQ912, a CD47-SIRP. Will parsaclisib kill PQ912? Time
will tell.

Financial terms are attractive, although only partially disclosed

We are indeed lacking precision regarding the type of tiered royalty system or the
way the USD1.1bn in milestones will be split between the regulatory, development
and commercial steps. The only certainty is the USD750m upfront payment that will
strengthen the company’s cash position for sure. In all, we believe the deal is rich for
MorphoSys and that it should start paying off with the potential FDA approval around
mid-2020. After incorporating those new elements into our scenario, we come up with
an identical FV of EUR140 as before.

An acquisition is off the table now, but was it ever on?

In view of yesterday’s stock performance, we acknowledge that investors were
expecting a deal with a big pharma that could have opened the door to a later buyout.
But in all fairness, with MorphoSys’ management this scenario has never been on the
table. With an FDA approval in sight, several milestones on the way, an extended
development programme planned, a fully committed partner and a discounted
valuation, we are reiterating our Buy rating with a FV of EUR140.

Eli Lilly & Co. (LLY) and Incyte Corp. (INCY) said Monday that baricitinib met the primary endpoint in the Breeze-AD4 investigational phase 3 study.
The companies said they evaluated the safety and efficacy of baricitinib in combination with topical corticosteroids for the treatment of adult patients with moderate to severe atopic dermatitis who were inadequate responders, intolerant or had contraindication to treatment with cyclosporine.
The primary endpoint was defined by the proportion of patients achieving at least a 75% or greater change from baseline in their Eczema Area and Severity Index at week 16.
The study evaluated the efficacy and safety of the 1-mg, 2-mg and 4-mg doses of baricitinib, and the 4-mg dose of baricitinib plus topical corticosteroids met the primary endpoint as defined by the proportion of participants achieving Eczema Area and Severity Index at week 16.
The companies said the safety profile was consistent with the known safety findings of baricitinib in atopic dermatitis. The most common treatment-emergent adverse events included nasopharyngitis, headache, and influenza. No venous thromboembolic events or deaths were reported in the trial.
Lilly recently submitted baricitinib for regulatory review in Europe as a treatment for patients with moderate to severe atopic dermatitis and plans to submit for approval in the U.S. and Japan in 2020.
Baricitinib is approved for the treatment of adults with moderately to severely active rheumatoid arthritis in more than 60 countries, including the U.S., member states of the EU and Japan, and is marketed as Olumiant.
Write to Chris Wack at
(END) Dow Jones Newswires
January 27, 2020 07:16 ET (12:16 GMT)
de tuinman

Anti-amyloid beta antibodies in development at Eli Lilly and Roche have failed to improve outcomes in a phase 2/3 Alzheimer’s disease trial. Despite the setback, Roche is continuing two phase 3 trials of its asset in a broader population of Alzheimer’s patients.
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