Swiss-German partnership continues
Basel/Martinsried – Swiss pharma giant Novartis and German antibody specialist MorphoSys AG have announced they will be co-developing another therapeutic antibody within the framework of the US$ 600m collaboration signed by the two in 2007. The first pre-development program was introduced in 2008. Under the terms of the ten-year contract, Morphosys has the option to enter formal co-development with Novartis for several jointly selected programmes. Until the programme reaches formal co-development status, Novartis carries all “project-related” costs.
At the end of October, MorphoSys AG reported a decline in third-quarter net income to EUR 1.4m, down from EUR2.6m in the Q2/2010, saying the drop was due to higher research and development costs.