MorphoSys AG (MOR) said that its subsidiary Constellation Pharmaceuticals has reached a global licensing agreement with Novartis to research, develop and commercialize its pre-clinical inhibitors of a novel cancer target.
As per the terms of the agreement, Novartis will assume full responsibility for all subsequent research, development and commercialization activities for the program.
As part of the agreement, MorphoSys receives an immediate upfront payment of $23 million. On achievement of development, regulatory and commercial milestones, MorphoSys will be eligible to receive milestone payments from Novartis in addition to mid-single- to low-double-digit royalties on program net sales.
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