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Germany: Pharmaceutical co stock spikes with cancer treatment joint venture

By  |  June 27, 2013
Germany: Pharmaceutical co stock spikes with cancer treatment joint venture

Germany-based pharmaceutical giant MorphoSys saw major gains in its stock this week following the news of its joint venture with Celgene Corp. for an experimental cancer treatment. Reports say the collaboration is worth more than $800 million, plus sales royalties. MorphoSys shares spiked 17 percent, settling at its highest price since February of 2001. The venture includes the collaboration of both development and promotion of MorphoSys’s MOR202 drug. The announcement of the joint venture comes just weeks after the company announced plans to sell rights to its MOR103 treatment, a medical treatment that will be purchased by GlaxoSmithKline Plc.

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