MorphoSys AG Chief Says MOR103 Drug Data Makes Deal More Likely
9/24/2012 7:28:43 AM
MorphoSys AG (MOR) has better chances of finding a partner for its experimental arthritis drug after favorable results from a clinical trial, Chief Executive Officer Simon Moroney said. The compound, named MOR103, would be the first proprietary compound for the Martinsried, Germany-based biotech company, which develops biological drugs for companies such as Roche Holding AG (ROG) and Novartis AG. (NOVN). The mid-stage trial showed that the drug improved symptoms in 68 percent of patients with rheumatoid arthritis by 20 percent, according to results published yesterday. MorphoSys shares rose as much as 16 percent in Frankfurt today and traded 14 percent higher at 22 euros as of 12:50 p.m.