MorphoSys and GlaxoSmithKline Partner in Antibody Pact

MorphoSys has formeda global agreement with GlaxoSmithKline (GSK) to develop and commercialize MOR103, MorphoSys's proprietary HuCAL-derived antibody for treating mild to moderate rheumatoid arthritis. Under the agreement, GSK assumes responsibility for all subsequent development and commercialization of MOR103. MorphoSys receives an immediate upfront payment of EUR 22.5 million ($29.4 million) and up to EUR 423 million ($552 million), in addition to tiered, double-digit royalties on net sales, based on achieving certain developmental, regulatory, commercial and sales-based milestones.