Global biopharma companies MorphoSys and Celgene have agreed to jointly develop MOR202 globally and co-promote it in Europe. MOR202 is a fully human monoclonal antibody targeting CD38 to treat patients with multiple myeloma and certain leukemias. It currently is being evaluated in a phase I/IIa trial in patients with relapsed/refractory myeloma. The companies will collaborate on the development of MOR202 in multiple myeloma and other indications and share costs.

MorphoSys will receive an upfront license fee of $92 million and Celgene will invest $60 million to subscribe for new shares of MorphoSys. The total potential value, assuming all development, regulatory and sales milestones are reached, may be up to $818 million.

"Strategic investments in next generation medical innovation make it possible for physicians to turn incurable cancers like multiple myeloma into chronic, more manageable diseases," said Mark Alles, executive vice president and global head of hematology and oncology at Celgene. "This collaboration enables us to advance a therapeutic antibody in a disease where progress is being made, but where patients continue to need new treatment options."