From the Wires
Bio-Rad to Acquire MorphoSys's Research and Diagnostic Antibody Business AbD Serotec
By: Marketwired .
Dec. 16, 2012 01:00 PM
MARTINSRIED / MüNCHEN, GERMANY -- (Marketwire) -- 12/16/12 --
MorphoSys AG / Bio-Rad to Acquire MorphoSys's Research and Diagnostic Antibody Business AbD Serotec . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
MorphoSys to Increase Focus on Therapeutics
MorphoSys AG (FSE: MOR; Prime Standard Segment, TecDAX) announced today that it has agreed to sell its research and diagnostic antibody segment AbD Serotec to Bio-Rad Laboratories, Inc. (NYSE: BIO), a multinational manufacturer and distributor of life science research and clinical diagnostic products. The total consideration amounts to approximately EUR 53 million and will be settled in cash. The total consideration comprises the purchase price, compensation for cash reserves in the AbD Serotec companies in the amount of approximately EUR 5 million and a license payment for the use of the HuCAL technology in the research and diagnostic markets. The transaction is subject to certain closing conditions, and is expected to be completed in January, 2013.
"This transaction was done to enable an increased focus on our therapeutic business segment", commented Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG. "We are making great progress in our therapeutic antibody pipeline, which is a huge potential value driver for MorphoSys. With the sale of AbD Serotec, we will bring a laser-like focus to driving growth in this, our area of core competence."
According to the terms of the transaction, Bio-Rad Laboratories will acquire all of MorphoSys's AbD Serotec research reagent and diagnostic business, comprising the AbD Serotec segment of MorphoSys AG as well as the subsidiaries MorphoSys UK Ltd., MorphoSys AbD GmbH and MorphoSys US, Inc. In addition, the transaction includes a fully paid-up, non-exclusive license agreement to use MorphoSys's HuCAL technology for diagnostic and research purposes.
"As a result of today's transaction MorphoSys will concentrate on technology and drug development. It enables us to fully dedicate our financial resources to the most significant value drivers," commented Jens Holstein, Chief Financial Officer of MorphoSys AG. "Bio-Rad provides AbD Serotec and its employees with an ideal environment in which to exploit its potential in the research and diagnostic arena."
MorphoSys will hold a public conference call and webcast tomorrow, Monday, December 17, 2012 at 02:00 p.m. CET (08:00 a.m. EST, 01:00 p.m. BST) to present more information on the AbD Serotec / Bio-Rad transaction.
Dial-in number for the Conference Call (listen-only): Germany: +49 89 2444 32975 For U.K. residents: +44 20 3003 2666 For U.S. residents: +1 202 204 1514
Please dial in 10 minutes before the beginning of the conference.
In addition, MorphoSys offers participants the opportunity to follow the presentation through a simultaneous slide presentation online at http://www.morphosys.com/conference-calls.
A live webcast, slides, webcast replay and transcript will be made available at http://www.morphosys.com/conference-calls.
About MorphoSys: MorphoSys developed HuCAL, the most successful antibody library technology in the pharmaceutical industry. By successfully applying this and other patented technologies, MorphoSys has become a leader in the field of therapeutic antibodies, one of the fastest-growing drug classes in human healthcare.
Together with its pharmaceutical partners, MorphoSys has built a therapeutic pipeline of more than 70 human antibody drug candidates for the treatment of cancer, rheumatoid arthritis, and Alzheimer's disease, to name just a few. With its ongoing commitment to new antibody technology and drug development, MorphoSys is focused on making the healthcare products of tomorrow. MorphoSys is listed on the Frankfurt Stock Exchange under the symbol MOR. For regular updates about MorphoSys, visit http://www.morphosys.com
HuCAL(®), HuCAL GOLD(®), HuCAL PLATINUM(®), CysDisplay(®), RapMAT(®), arYla(®) and Ylanthia(®) and 100 billion high potentials(®) are registered trademarks of MorphoSys AG.
Slonomics(®) is a registered trademark of Sloning BioTechnology GmbH, a subsidiary of MorphoSys AG.
This communication contains certain forward-looking statements concerning the MorphoSys group of companies. The forward-looking statements contained herein represent the judgment of MorphoSys as of the date of this release and involve risks and uncertainties. Should actual conditions differ from the Company's assumptions, actual results and actions may differ from those anticipated. MorphoSys does not intend to update any of these forward-looking statements as far as the wording of the relevant press release is concerned.
Media Release (PDF): http://hugin.info/130295/R/1665464/540350.pdf
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Source: MorphoSys AG via Thomson Reuters ONE [HUG#1665464]
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