MorphoSys Shares Slide After Roche's Alzheimer's Drug Trial Fails
November 14 2022 - 5:30AM
Dow Jones News
By Cecilia Butini
Shares in biopharmaceutical company MorphoSys AG slid on Monday
after licensing partner Roche Holding AG's drug trial for
Alzheimer's disease failed.
At 0958 GMT, MorphoSys shares traded 32% down at EUR14.35.
MorphoSys has been in a collaboration agreement with Roche since
2000, whereby Roche is responsible for the clinical development of
Alzheimer's drug gantenerumab and MorphoSys is entitled to
royalties and milestone payments.
Roche said Monday that studies of gantenerumab didn't meet
primary endpoints of slowing clinical decline in patients with the
disease.
The market will now pivot its focus back to MorphoSys's lymphoma
drug Monjuvi and the Phase 3 trial of cancer drug pelabresib, as
royalties from Roche are no longer contributing to company
valuation, Citi analyst Vineet Agrawal said in a note. Sentiment on
MorphoSys's stock is likely to remain poor, Mr. Agrawal said, as
the bank dowgrades it to sell.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
November 14, 2022 05:15 ET (10:15 GMT)
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