There's fresh evidence this morning that antibodies remain one of the hottest commodities in biotechnology. Novartis has extended its antibody development deal with Germany's MorphoSys, agreeing to pay $60 million a year in R&D support along with technology access fees and up to $400 million in milestone payments. Investors loved the major league endorsement of MorphoSys, sending its shares up 32 percent. Novartis gains access to MorphoSys' library of antibodies, expanding a pact that was originally signed three years ago. The pharma giant also gains an option to extend the deal by another two years. Analysts applauded the deal and seemed particularly enthusiastic about the length of Novartis' commitment.
- see the release on the deal
- check out the AFX report for more
ALSO: MorphoSys used the attention garnered by the announcement to say that much of the money it gains from Novartis will go into developing its own pipeline. Report
PLUS: Read more about Novartis' pipeline. Report