MorphoSys sells China rights to Darzalex rival in $120M deal

MorphoSys has found a buyer for the Chinese rights to multiple myeloma candidate MOR202. The deal puts I-Mab Biopharma in charge of developing the CD38 antibody in China and neighboring territories in return for $120 million in upfront and milestone payments. 

I-Mab is handing over the first $20 million straightaway, with the remaining $100 million and tiered double-digit royalties to follow if MOR202 clears clinical and commercial milestones. Responsibility for taking MOR202 past those milestones in China, Hong Kong, S.A.R., China, Macau, S.A.R., China and Taiwan, China will fall squarely on I-Mab.

MOR202 was the subject of an $818 million pact with Celgene from 2013 to 2015, at which point the big biotech decided to walk away from the program. Celgene had previously called CD38 a "validated highly promising target" but by 2015 it was clear Genmab and Johnson & Johnson’s rival daratumumab had beaten MOR202 to the punch.