MorphoSys CEO stays bullish on cancer drug despite Celgene split
- Celgene and Morphosys have ended their co-development agreement for MOR202, an investigational compound. But MorphoSys plans to move forward with the drug.
- MOR202 is in early-stage clinical testing for treatment of multiple myeloma.
- Investor confidence is still low and the stock is down roughly 20% since news of the split first circulated at the end of March.
Last month, when BioPharma Dive reported on the split between the two companies, it was clear that it would be difficult for Morphosys to move forward without Celgene. MorphoSys Chief Development Officer Arndt Schotelins conceded that, although R&D costs will rise without the Celgene partnership, the company was still planning to move forward with development of MOR202.
MOR202 is currently in phase 1/2a trials and has continued to progress through the early stages of development. By the end of this year, Morphosys expects the trial to end, and the company expects to post earnings before income and taxes of $9.73 million to $17.31 million.