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23 May 2006 10:40 GMT =DJ INTERVIEW: MorphoSys Says CAT Bid Means Fewer Rivals
By Elena Berton and Gangolf Schrimpf
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--German biotechnology company MorphoSys AG (MOR.XE) sees the recent takeover of U.K. rival Cambridge Antibody Technology PLC (CATG) as further proof of big pharma\'s growing interest in antibody technology to develop new drugs.
It also means there is one less competitor for the Munich-based company when negotiating partnership deals with large drugmakers, Chief Executive Simon Moroney told Dow Jones Newswires Tuesday.
"The fact our competitors are disappearing puts us in a position to secure more partnerships," Simon Moroney told Dow Jones Newswires.
Last week AstraZeneca PLC (AZN) unveiled plans to buy CAT, the U.K.\'s largest biotech company, in a deal worth GBP702 million.
The U.K. drugmaker, which already had a strategic partnership with CAT as well as a 19.2% stake, paid a 67% premium to gain complete control over its technology and establish a presence in the research and development of biological drugs.
(MORE TO FOLLOW) Dow Jones Newswires
23 May 2006 11:20 GMT =DJ INTERVIEW: MorphoSys Says CAT Bid Means Fewer Rivals -2-
Because pharmaceutical companies are increasingly focused on using emerging technologies and antibody products to develop new drugs, Moroney said he expects MorphoSys to secure further partnership deals.
However, he wouldn\'t comment on whether these partnerships could include a deal with Japanese drugmaker Takeda Pharmaceutical Co (4502.TO).
According to a person familiar with the situation, MorphoSys and Takeda are currently in talks over a possible partnership.
Last week, the German antibody specialist signed a two-year deal with U.S. drugmaker Schering-Plough Corp. (SGP) to develop therapeutic antibodies based on its technology.
MorphoSys is developing the next generation of therapeutic antibodies, which can be used not only for research and diagnostics purpose, but also to treat diseases.
Moroney played down suggestions that big pharma\'s growing interest into therapeutic antibodies could turn the company into the next takeover candidate.
"As an independent company we have a long way to grow," he said. "Being acquired is not in our immediate plans," he said, declining to say whether there had been interest from possible bidders.
"As of this time no such offer has been made," he added.
Moroney also declined to elaborate on the future of the 5% stake that CAT holds in MorphoSys, saying that so far there haven\'t been any contacts with either company.
(MORE TO FOLLOW) Dow Jones Newswires
23 May 2006 11:50 GMT =DJ INTERVIEW: MorphoSys Says CAT Bid Means Fewer Rivals -3-
New Zealand-born Moroney is one of the co-founders of MorphoSys, which was established in 1992 and has a EUR255 million market capitalization.
MorphoSys had a first-quarter net profit of EUR4.9 million, up from EUR0.5 million in the comparative period a year earlier.
The company had previously targeted a EUR1 million net profit for full-year 2006 and wouldn\'t say whether or not it planned to increase its target in the wake of the first-quarter result.
"You cannot simply take first-quarter results and multiply by four," Moroney said.
In addition to licensing its technology to partners, MorphoSys is investing a total of EUR2 million to EUR3 million in its own early-stage products, Moroney said.
The company has terminated two projects - MOR101 for skin burns and MOR102 to treat skin disorders - but is continuing the development of MOR103 for inflammation and cancer drug MOR202.
Company Web site:
www.morphosys.com-By Elena Berton and Gangolf Schrimpf, Dow Jones Newswires; 44 207 842 9267; elena.berton@dowjones.com; gangolf.schrimpf@dowjones.com
(END) Dow Jones Newswires
May 23, 2006 07:50 ET (11:50 GMT)
Copyright (c) 2006 Dow Jones & Company, Inc.
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