02.22.11
MorphoSys AG has received a milestone payment from Novartis for the installation of its HuCAL antibody platform at Novartis Institutes for BioMedical Research in Basel, Switzerland. The milestone is related to an agreement between the two companies for Novartis to internalize the HuCAL technology.
“We are delighted to have reached this important milestone with Novartis just three years after the signature of our strategic alliance,” said Dr. Simon Moroney, chief executive officer of MorphoSys AG. “The payment is of major financial benefit to MorphoSys. Furthermore, this news underscores Novartis’s commitment to HuCAL and the ongoing success of our collaboration based on this technology.”
In December 2007, the two companies entered a comprehensive strategic alliance for the discovery and development of biopharmaceuticals. The ten-year agreement is potentially worth $1 billion and covers the use of MorphoSys’s HuCAL technology to generate therapeutic antibody products. MorphoSys receives technology license fees, R&D funding, and product-related milestones and royalties.
“We are delighted to have reached this important milestone with Novartis just three years after the signature of our strategic alliance,” said Dr. Simon Moroney, chief executive officer of MorphoSys AG. “The payment is of major financial benefit to MorphoSys. Furthermore, this news underscores Novartis’s commitment to HuCAL and the ongoing success of our collaboration based on this technology.”
In December 2007, the two companies entered a comprehensive strategic alliance for the discovery and development of biopharmaceuticals. The ten-year agreement is potentially worth $1 billion and covers the use of MorphoSys’s HuCAL technology to generate therapeutic antibody products. MorphoSys receives technology license fees, R&D funding, and product-related milestones and royalties.