IPOs

MorphoSys files for $150M IPO to fuel its hopeful DLBCL drug launch

MorphoSys, a public company in Germany, is shooting for a dual listing of its shares, hoping to raise $150 million by heading to the Nasdaq. The company is stockpiling cash to take its investigational anti-CD19 antibody, called MOR208, all the way to the market.

MorphoSys already has its shares listed on the German stock exchange, where it draws a $3 billion valuation. It brought in about $83 million in revenue last year, and has a good bit of cash already in the bank. The company says it’s gathering its resources, along with this new IPO in the states, to sink $225 million into the development of MOR208 and an additional $90 million to build out its commercial infrastructure so MorphoSys can handle MOR208’s launch.

The company has plans to seize a quick OK of MOR208, a drug it’s developing for diffuse large B cell lymphoma (DLBCL) and a popular disease target in oncology. After its last batch of upbeat data from a Phase II study of the drug, MorphoSys, which already received breakthrough status for the drug, said it went straight to regulators hoping for early approval.

At this point, the accelerated approval pathway has been blazed by a mob of drugmakers that only needed to show they were doing a reasonable percentage of late-stage patients some good. The FDA has responded with alacrity, and regulators in the US are picking up even more speed under the direction of FDA commissioner Scott Gottlieb. MorphoSys — allied with a group of A-list partners on other drugs — has good reason to believe that they can take the same short cut.

The latest move to list on the Nasdaq gives more fuel to the company’s fire. MorphoSys plans to list under the symbol $MOR.


Image: Nasdaq. SHUTTERSTOCK


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