MorphoSys Teams Up Again With Novartis For Preclinical Cancer Program
Gets $23m Upfront Fee
The German biotech announced in March that it was terminating the early-stage oncology R&D projects that came with its purchase of Constellation last year and Novartis has snapped up one of them.
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The German biotech has highlighted its myelofibrosis drug candidate, pelabresib, as a key value driver going forward after a year of hard knocks and lackluster Monjuvi sales that forced the firm to downsize its workforce and cease preclinical operations.
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The German biotech had already hinted at possibly expanding through M&A, and Constellation was viewed as an attractive acquisition target.