2 Product Pipeline MorphoSys s Product Pipeline, as of 31 December 2013 Program Partner Indication Phase 1 Phase 2 Phase 3 Market MOR103 GSK Rheumatoid arthritis Multiple sclerosis MOR208 Unpartnered Chronic lymphocytic leukemia Acute lymphoblastic leukemia Non-Hodgkin s lymphoma MOR202 Celgene Multiple myeloma Bimagrumab Novartis Sporadic inclusion body myositis Cachexia (cancer) Sarcopenia Mechanically ventilated patients Cachexia (chronic obstructive pulmonary disease) Gantenerumab Roche Prodromal Alzheimer s disease Genetically predisposed for Alzheimer s disease Japanese Alzheimer s disease patients CNTO3157 Janssen Asthma Safety/pharmacokinetic CNTO6785 Janssen Chronic obstructive pulmonary disease Rheumatoid arthritis Guselkumab Janssen Psoriasis Rheumatoid arthritis Palmoplantar pustulosis BHQ880 Novartis Multiple myeloma (with renal insufficiency) Smoldering multiple myeloma LFG316 Novartis Wet age-related macular degeneration Age-related macular degeneration Multifocal choroiditis and panuveitis LJM716 Novartis Esophageal squamous cell carcinoma HER2+ Cancer HER2+ Cancer (combination with trastuzumab) Solid tumors NOV-3 Novartis n.d. VAY736 Novartis Pemphigus vulgaris OMP-59R5 Oncomed Pancreatic cancer Small cell lung cancer Solid tumors BAY Bayer Solid tumors BI BI Cancer Cancer NOV-7 Novartis Eye disease Vantictumab Oncomed Solid tumors Breast cancer Non-small cell lung cancer PF Pfizer Cancer legend: out-licensed to partner proprietary program co-development/ co-promotion partnered programs Additionally, MorphoSys currently has various proprietary and partnered programs in the discovery or preclinical phase (31 Dec. 2013: 40 programs in discovery, 22 programs in preclinic).
3 Engineering the medicines of tomorrow MorphoSys has built a reputation in the pharmaceutical industry as the partner of choice in the search for new antibody drugs. A number of very successful research alliances and proprietary development activities have led to more than 20 therapeutic antibodies in clinical trials. We will build on this success and continue to develop and expand our proprietary portfolio. We believe that successful drug development is not a matter of chance, but based on a profound understanding of disease biology, extensive experience in the selection, characterization, and development of compound candidates, and also on excellent technologies. We have applied our skills and knowledge to build a proprietary portfolio of drug candidates and will concentrate even more on proprietary product development in the future. In 2013, we gained two prestigious partners, Celgene and GlaxoSmithKline, for the further development of two candidates from our portfolio. learn more in our online magazine reports.morphosys.com/2013/
4 02 ONLINE-MAGAZINE Engineering the Medicines of Tomorrow ENGINEERING The foundation for the success or failure of a therapeutic project is, in many cases, set at the very start. Correctly interpreting the biology of the disease and selecting the best approach for treatment, form the scientific prerequisites. But even with the right treatment approach, it s the quality of the compound that is often decisive for the success or failure of the project. DISCOVER HOW WE SELECT COMPOUNDS IN OUR ONLINE MAGAZINE MEDICINES Due to their unique properties, therapeutic antibodies are still one of the fastest growing drug classes in human medicine. Until a compound is approved as a medication on the market, it must withstand a highly critical examination in clinical trials and fulfill numerous requirements and governmental requests. MorphoSys has acquired extensive knowledge in order to plan and perform the clinical trials of its proprietary programs internationally. DISCOVER HOW WE DEVELOP DRUGS IN OUR ONLINE MAGAZINE
5 03 ONLINE-MAGAZINE Engineering the Medicines of Tomorrow TOMORROW In many ways, future drugs must be better than the preparations that are currently available. Clearly differentiated compounds that stand out from the mass of approaches and break new ground will form the key value drivers in the pharmaceutical industry. MorphoSys s technologies and the expertise of its people support the search for drug candidates with unique properties. FIND OUT WHAT THE DRUGS OF TOMORROW ARE EXPECTED TO ACHIEVE IN OUR ONLINE MAGAZINE
6 04 Contents Annual Report contents AnnuAl report the CompAny management board of morphosys ag letter to the shareholders the morphosys share Group management report operations and business environment analysis of net assets, financial position, and results of operations sustainability report risks and opportunity report subsequent events outlook and forecast statement on corporate governance and corporate governance report reference to figures reference to tables
7 05 Contents Annual Report financial statements 94 consolidated statement of income (ifrs) 95 consolidated statement of comprehensive income (ifrs) 96 consolidated balance sheet (ifrs) 98 consolidated statement of changes in stockholders equity (ifrs) 100 consolidated statement of cash flows (ifrs) 102 notes 148 responsibility statement 149 auditor s report AdditionAl information 150 report of the supervisory board 154 supervisory board of morphosys ag 156 senior management group of morphosys ag 158 glossary 160 index 162 list of figures and tables 164 imprint
8 06 The company Management Board of MorphoSys AG Management Board of MorphoSys AG dr. simon moroney Chief Executive Officer jens holstein Chief Financial Officer Dr. Arndt Schottelius Chief Development Officer Dr. Marlies Sproll Chief Scientific Officer
9 07 THE COMPANY Management Board of MorphoSys AG DR. SIMON MORONEY CHIEF EXECUTIVE OFFICER MorphoSys has successfully completed the transition from a technology provider to a true biopharmaceutical company with capabilities and assets spanning technology and product development. We are investing in R&D to build a proprietary portfolio of differentiated drugs biopharmaceuticals that can really make a difference in areas of unmet medical need.
10 08 THE COMPANY Management Board of MorphoSys AG JENS HOLSTEIN CHIEF FINANCIAL OFFICER The progress in our product pipeline was also reflected in a very successful year financially. We intend to use our financial resources in order to seize any opportunities which may arise, whether in-licensing of compounds, joint development projects, or company acquisitions.
11 09 THE COMPANY Management Board of MorphoSys AG DR. ARNDT SCHOTTELIUS CHIEF DEVELOPMENT OFFICER The alliances with Celgene and GlaxoSmithKline for the further advancement of MOR202 and MOR103 have clearly demonstrated our development capabilities and have secured the next stages of development for these programs. We made great progress in developing MOR208, with three phase 2 studies being commenced, adding to the breadth of our portfolio.
12 10 THE COMPANY Management Board of MorphoSys AG DR. MARLIES SPROLL CHIEF SCIENTIFIC OFFICER With its diversity and breadth, the MorphoSys pipeline is one of the strongest in the biopharmaceutical industry. The next stage of the pipeline s maturity regulatory approval of first HuCAL antibodies is approaching. We are therefore well on track to make the medicines of tomorrow a reality.
13 11 THE COMPANY Letter to the Shareholders Letter to the Shareholders The effort and investment that have gone into our proprietary research and development over the past several years paid off handsomely in Through licensing agreements with Celgene and GlaxoSmithKline, we demonstrated our ability to develop drug candidates from target molecule to lucrative partnership. These advances in our proprietary portfolio were the main drivers of the Company s value in The remarkable progress we ve made in product development is a gratifying reward for the decision to increase our focus in this area. We are committed to building a rich pipeline of drug candidates and to maximizing our participation in the value these products generate. The alliances with Celgene and GlaxoSmithKline for the further advancement of MOR202 and MOR103 have secured the next stages of development for these two programs. MorphoSys has benefited already from up-front payments and investments totaling approximately 140 million. In the longer term, given success in developing each compound, we can look forward to potentially lucrative milestone and royalty payments. The alliance with Celgene brings the added benefit of a co-promotion option for MOR202 with a 50 % profit share in the European market. This gives MorphoSys the opportunity to mature into a commercial organization in a foreseeable time frame. During 2013, we also made great progress in developing MOR208, with three new phase 2 studies being commenced. This is currently the most advanced compound in our portfolio that has yet to be partnered. The clinical results we have seen thus far give us confidence that MOR208 has the potential to become a valuable treatment option for a number of B-cell malignancies.
14 10 THE COMPANY Management Board of MorphoSys AG The progress in our Partnered Discovery pipeline was also remarkable in The HuCAL antibody gantenerumab, which is being developed by Roche for the treatment of Alzheimer s disease, continues to attract attention. Needless to say, any therapy that improves outcomes for Alzheimer s disease patients would be a major advance. Beyond gantenerumab, other drug candidates in our partnered pipeline that address pressing medical problems have also advanced. Bimagrumab, for example, is an antibody that was developed in our alliance with Novartis to treat various diseases and conditions associated with loss of muscle function. In 2013, bimagrumab became the first HuCAL antibody to receive breakthrough-therapy designation from the U.S. Food and Drug Administration. Programs with this status enjoy a number of advantages from the regulatory agency as they move through development. A few weeks after receiving the breakthrough-therapy designation, Novartis brought bimagrumab into a pivotal phase 2/3 study in sporadic inclusion body myositis. Currently, our partnered pipeline comprises 16 antibodies in clinical trials. These are being developed 37 different clinical studies. In addition to the pivotal studies being conducted on gantenerumab and bimagrumab, 9 antibodies are in phase 2 studies and 5 antibodies are in phase 1. With its diversity and breadth, the MorphoSys pipeline is one of the strongest in the biopharmaceutical industry. The next stage of the pipeline s maturity regulatory approval of the first HuCAL antibody and receipt of the first royalties is approaching. The progress in our product pipeline was also reflected in a very successful year financially. The direct proceeds from our alliances with GSK and Celgene, those from the sale of AbD Serotec, and a capital increase all contributed to a rise in our liquidity to approximately 400 million. This strong cash position supports the ambitious plans we have for our proprietary portfolio. We will develop our advanced projects MOR202 and MOR208 as broadly and as quickly as possible, in the case of MOR202, in cooperation with our partner Celgene. We also want to intensify our early-stage research activities, with the objective of developing and applying our technologies to the generation of new drug candidates. Additionally, we aim to in-license more mature projects as we have already done successfully in the case of MOR208. We intend to pursue all of these activities while retaining our financial flexibility in order to seize any opportunities that may arise, whether in-licensing, joint development, or company acquisitions.
15 11 The company Letter to the Shareholders Letter to the Shareholders After several years during which the Company s share price only partially reflected its progress, the MorphoSys share increased in value by 87 % in On top of the strong performance in 2012, this substantial revaluation of the Company reflects the progress we ve made, particularly with our proprietary portfolio. We consider this further confirmation that our shareholders attribute much more value to innovative, proprietary drug candidates than to short-term optimization of financial results. On the whole, 2013 was an outstandingly successful year for MorphoSys, and we look forward to an equally exciting Clinical data from the ongoing MOR202 and MOR208 trials, as well as from numerous partnered programs, plus activities which will strengthen our proprietary portfolio even further, will be the key events to watch for in the year to come. We will continue to intensify our focus on proprietary drug development, with innovative technology as a foundation. Our success is only possible thanks to the commitment, loyalty, and creativity of our employees, to whom I would like to extend my heartfelt appreciation. I would also like to thank you, our shareholders, for your continued support. I am sure you will join me in wishing our Company a successful Dr. Simon Moroney Chief Executive Officer
17 13 contents Group management Report operations and business environment 14 analysis of net assets, financial position, and results of operations 38 sustainability report 50 risk and opportunity report 58 subsequent events 68 outlook and forecast 69 statement on corporate governance and corporate governance report 74
18 14 group management report Operations and Business Environment In the year 2013, MorphoSys concluded two landmark agreements within the Proprietary Development business segment. The alliances with Celgene and GlaxoSmithKline improve the Company s prospects of forging ahead with the development of MOR202 and MOR103 as well as expanding and advancing additional clinical development candidates. Operations and Business Environment Organizational Structure ORGANIZATION OF the morphosys GROUP The MorphoSys Group, consisting of MorphoSys AG and its subsidiaries, develops and commercializes high-quality antibodies* for therapeutic applications. Leading proprietary technologies form the basis of the business segments operating activities. The Partnered Discovery segment operates therapeutic development programs for drug candidates in cooperation with renowned biotechnology and pharmaceutical companies. In this segment, MorphoSys works together with its partners on solutions for the most urgent health issues. Proprietary, innovative therapeutic antibodies are currently being developed in the second segment Proprietary Development. At a certain point in their clinical development, these antibodies could be out-licensed to partners or co-developed in future cooperations. See figure 1, organizational structure of the morphosys group page 22 At the end of 2012, MorphoSys announced the sale of substantially all of the AbD Serotec operating segment 1 to Bio-Rad Laboratories, Inc. (Bio-Rad). The closing of the transaction was dependent upon the fulfillment of certain conditions which were complied with on 10 January 2013 (closing date). Substantially all of the AbD Serotec segment was sold as of this date. Thus, in the first ten days of the reporting year, the complete AbD Serotec operating segment was still part of the MorphoSys Group. This third operating segment, which had specialized in the production and sale of diagnostic antibodies and research applications*, was sold upon the completion of this transaction. All of the following information in this report refers exclusively to the continuing operations of the Partnered Discovery and Proprietary Development segments. The completion of the transaction with Bio-Rad included the transfer of the four locations in Puchheim, Germany, Düsseldorf, Germany, Kidlington, Great Britain, and Raleigh, USA, to Bio-Rad. Thus, for the remainder of the 2013 financial year, MorphoSys only operated MorphoSys AG s parent company location in Martinsried near Munich, Germany. The Partnered Discovery and Proprietary 1 Bio-Rad acquired the AbD Serotec segment excluding the Poole Real Estate Ltd. subsidiary, and without the Slonomics technology.
19 15 group management report Operations and Business Environment Development segments are located at this site, as are the central Group functions of accounting, controlling, personnel, legal, patents, corporate communications and investor relations. LEGAL STRUCture OF the morphosys GROUP GROUP MANAGEMENT AND SUPERVISION MorphoSys AG is the parent company of the MorphoSys Group, a German stock corporation listed in the Prime Standard segment of the Frankfurt Stock Exchange. In accordance with the German Stock Corporation Act, the Company has a dual management structure with the Management Board as the leading body and its four members appointed and monitored by the Supervisory Board. More detailed information concerning the Group s management and control as well as corporate governance in general may be found in the Corporate Governance Report. The Senior Management Group supports the management of MorphoSys AG and consists of 19 managers from various departments. The completion of the transaction with Bio-Rad on 10 January 2013 greatly simplified the Group s structure in comparison to the previous year. Along with the AbD Serotec operating segment, three subsidiaries MorphoSys UK Ltd., MorphoSys US, Inc., and MorphoSys AbD GmbH left the Group. As a result, four subsidiaries, in addition to the parent company MorphoSys AG, remained part of the MorphoSys Group (MorphoSys USA, Inc., Poole Real Estate Ltd., MorphoSys IP GmbH, Sloning Biotechnology GmbH). The remaining two operating segments are concentrating exclusively on therapeutic antibody research and development. The antibody business for the diagnostic range was discontinued with the sale of substantially all of the AbD Serotec research and diagnostic segment. BUSINESS ACtivities DRUG DEVELOPMENT MorphoSys develops drugs together with its partners in the pharmaceutical and biotechnology industries and through its proprietary development activities. In the 2013 financial year, the Company was able to start three new partnerships in these areas with Celgene, GlaxoSmithKline and Heptares. The revenues from these partnerships provide MorphoSys with substantial cash flow which is invested in the Company s own research and development. MorphoSys commands one of the broadest pipelines in the industry and currently has a total of 81 individual therapeutic antibody candidates and 43 clinical trials, of which the most advanced trials are in phase 3. See figure 3, clinical studies with morphosys antibodies page 23 TECHNOLOGIES MorphoSys has developed a number of technologies that offer direct access to fully human antibodies for the treatment of diseases. MorphoSys s most widely-known technologies include HuCAL*, which is a collection of billions of fully human antibodies. Ylanthia*, the next generation of antibody technologies from MorphoSys, is currently the largest known antibody library* in Fab format* and is based on an innovative concept for the generation of highly specific and fully human antibodies. MorphoSys believes Ylanthia will shape a new standard in the pharmaceutical industry s development of therapeutic antibodies in this decade and beyond. Slonomics* supplies MorphoSys with a patented, fully-automated technology for gene synthesis and modification for the generation of highly diverse gene libraries in a controlled process. INNOVATION CAPITAL* MorphoSys invests in promising start-ups and their technologies and products when they coincide with the interests of MorphoSys. MorphoSys combines cooperative elements with a classic approach to investing and acting as an industry partner. Currently, the portfolio consists of one investment: privately-owned Lanthio Pharma. Lanthio Pharma specializes in the research and development of lantipeptides*. Lantipeptides are an innovative class of therapeutic substances demonstrating a high level of target molecule selectivity* and improved compound properties. The market for therapeutic antibodies continues to be one of the fastest growing markets in human medicine and also one of the most competitive. In 2013, the fully human* monoclonal antibody*, adalimumab (Humira ), led the list of top-selling drugs worldwide for the second consecutive time. In total, more than 15 of the 40 approved antibody-based drugs achieved annual revenues of more than US$ 1 billion and reached blockbuster status as a result. See figure 4, total market for antibodies page 23 According to the pharmaceutical database Citeline, there are currently close to 420 monoclonal antibody candidates in clinical development. This makes antibodies the largest category of biologically generated drug candidates. Traditionally, the most important fields of application of antibodies oncology and autoimmune, inflammatory and infectious diseases are increasingly augmented by new indications such as Alzheimer s disease, osteoporosis, muscular atrophy, or elevated cholesterol levels. In addition, emerging technologies such as antibody drug conjugates (ADCs*), bispecific* and trifunctional* antibodies, antibodies with modified Fc parts*, as well as other antibody formats, will shape the diversity of the antibody market. *See Glossary page 158
20 16 group management report Operations and Business Environment Top 5 monoclonal antibody drugs Generic Name Brand Company 1 Indications (FDA*/EMA* approved) Revenues Estimate for 2013 in US$ billion Adalimumab Humira Abbott Rheumatoid arthritis*, juvenile idiopathic arthritis, psoriatic arthritis, Bekhterev s disease (also referred to as ankylosing spondylitis), Crohn s disease, plaque psoriasis* Rituximab Mabthera/Rituxan Roche, Biogen Idec/Genentech Infliximab Remicade J&J, Merck, Mitsubishi Tanabe Non-Hodgkin s lymphoma, chronic lymphocytic leukemia, rheumatoid arthritis, Wegener s granulomatosis and microscopic polyangiitis Crohn s disease, pediatric Crohn s disease, ulcerative colitis, pediatric ulcerative colitis, rheumatoid arthritis, Bekhterev s disease (also referred to as ankylosing spondylitis), psoriatic arthritis, plaque psoriasis Trastuzumab Herceptin Roche Adjuvant breast cancer, metastatic breast cancer, metastatic gastric cancer Bevacizumab Avastin Roche Metastatic colorectal cancer, non-small cell lung cancer, glioblastoma, metastatic renal cell carcinoma Source: Datamonitor In commercializing its antibody technologies, MorphoSys is competing with various providers which can be divided into two categories: antibody and antibody fragment technologies, technologies based on antibody-like structures (scaffolds*). Market data which thoroughly describes the promotion of technologies within the field of antibody development is not available. MorphoSys had 18 antibody candidates in the clinical pipeline at the end of 2013 that are based on the HuCAL technology giving it the lead in the field of antibody technologies. MorphoSys competes with a number of companies in the field of therapeutic antibody development and in the out-licensing of clinical development candidates. In the 2013 financial year, MorphoSys was able to conclude lucrative licensing agreements for two of its proprietary development candidates, MOR103 and MOR202. The direct payments received by the Company in the 2013 financial year from these agreements amounted to more than 130 million. Both agreements provide further performance-related milestones totaling more than 1 billion, as well as tiered, double-digit royalties* and, in the case of MOR202, a 50 % share in the profits generated in Europe. PARTNERED DISCOVERY The Partnered Discovery segment uses MorphoSys s technologies for the research, development, and optimization of therapeutic antibodies as drug candidates in extensive partnerships with pharmaceutical and biotechnology companies. While the development costs are borne by the respective partners, MorphoSys is rewarded in the form of research financing, milestone payments, and potential royalties from the product sales of successful programs. The Company s largest alliance to date is the strategic alliance with Novartis a pharmaceutical partner with a steady growing pipeline of biotechnologically developed drugs which was closed in This collaboration was extended in November 2012 by an additional cooperation agreement. As part of the agreement, both companies will use MorphoSys s next generation antibody platform, Ylanthia, to create therapeutic antibodies. In the future, MorphoSys plans to leverage the technology to gain access to new innovative target molecules for possible in-licensing and co-development. Drug development carried out with partners allows MorphoSys to be also involved in indications where it would normally not pursue a program itself due to Company s lack of proprietary expertise in that area. In the following, examples will be provided by discussing a number of areas.
21 17 group management report Operations and Business Environment DISEASES OF THE CENTRAL NERVOUS SYSTEM ALZHEIMER S DISEASE With the antibody compound gantenerumab, developed by its partner Roche, MorphoSys has a promising treatment for Alzheimer s disease in its pipeline. The HuCAL-based antibody is recognized as one of the most advanced compounds today. Currently, there are no other drugs available which can fundamentally slow the progression of Alzheimer s disease. In the 2013 reporting year, Roche finished the recruitment of patients for its ongoing pivotal phase 2/3 trial in up to 770 patients who are in the early stages of this disease. Data release is expected for Additionally, the Roche compound is being tested in an independent clinical trial by the Dominantly Inherited Alzheimer Network (DIAN), which is testing up to 210 patients for the competing antibody compound solanezumab. Early 2014, Roche announced that a second phase 3 study in up to 1,000 patients with mild Alzheimer s disease will be initiated. MUSCULOSKELETAL DISORDERS SPORADIC INCLUSION BODY MYOSITIS With the antibody compound bimagrumab, developed by its partner Novartis, MorphoSys has a promising treatment in its pipeline for sporadic inclusion body myositis* and other diseases of muscle weakness. During the 2013 reporting year, Novartis announced the achievement of a regulatory milestone as it received breakthrough-therapy designation from the US Food and Drug Administration (FDA). Meanwhile, pivotal phase 2/3 trials have already started. In addition, the antibody received orphan drug designation for the indication of sporadic inclusion body myositis in Europe and the USA. PROPRIETARY DEVELOPMENT An important goal of the Company is to generate additional value by developing innovative proprietary antibody products. MorphoSys s scientists concentrate on indications such as inflammatory and auto-immune disorders*, as well as on cancer and infectious diseases. The signing of the contracts in the 2013 financial year is evidence of this strategy s potential. See figure 5, sales potential of proprietary programs page 23 ONCOLOGY The ability of monoclonal antibodies to bind specific antigens* has led to their dominant position in the field of targeted cancer therapies. The global market for innovative biological therapies for cancer treatment is growing rapidly and steadily. Specifically, BCC Research expects that the size of the biotherapeutic segment of oncology will reach the level of US$ 50 billion in With MOR202 and MOR208, MorphoSys has brought two proprietary cancer programs into clinical trials* in the last two years and partnered with Celgene for the further development of MOR202 in the 2013 financial year. MorphoSys s antibody MOR208 is directed against the CD19* target molecule*, which is of particular interest with regard to many B-cell tumors. According to the market research firm Decision Resources, the therapeutic market for B-cell malignancies has a size of approximately US$ 4 to 5 billion. Current biological therapies for the treatment of B-cell malignancies, including the blockbuster Rituxan (rituximab) and the antibody Gazyva (obinutuzumab), approved in 2013, are directed against the CD20* target molecule. Since the CD19 target molecule is expressed by a larger number of B-cell subtypes in comparison to CD20, the CD19 antibodies are considered an alternative approach. In addition, MOR208 was further improved by changing the constant Fc part of the antibody. This modification leads to both a higher antibody-dependent cell-mediated cytotoxicity (ADCC*), as well as improved antibody-dependent cellular phagocytosis (ADCP*). MOR208 successfully completed a clinical phase 1/2a trial in chronic lymphocytic leukemia (CLL*) in The first clinical data was presented in December 2012 at the annual meeting of the American Society of Hematology. In 2013, further data from this trial was presented that confirmed the positive impression given by the first set of data. MorphoSys initiated further clinical phase 2 trials for MOR208 in non-hodgkin s lymphoma (NHL*) and in acute lymphoblastic leukemia (ALL*). In addition, MorphoSys announced the start of a so-called investigator-sponsored trial (IST*), a phase 2 trial for the treatment of chronic lymphocytic leukemia in which MOR208 is being tested in combination with the compound lenalidomide. It is a clinical trial initiated by doctors of a US research center, in which the entire responsibility (sponsor function) is carried by the clinical center and not by a pharmaceutical company, MorphoSys in this case. The most advanced therapeutic approach targeting CD19 is a bispecific antibody which is currently in phase 2 testing for the treatment of ALL. Other clinical programs directed against the same target molecule use different approaches to enhance the antibody s efficacy, e.g. using an antibody drug conjugate or changing the glycosylation pattern of the antibody molecule. As one of the few independent providers, MorphoSys has a clinically tested CD19 antibody that is still available to commercial partners for licensing on the market. Another recent approach is the so-called CAR-T technologies*. In this immunotherapy, immune cells (T cells) are obtained from the patient s blood. Subsequently, the T cells are modified outside the body, so that they are better able to identify and target the tumor cells of the patient. When these T cells are then re-introduced to the patient s blood by infusion, they bind to the targeted cancer cells and destroy them. *See Glossary page 158
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Group Benefits Understanding specialty drugs What your pharmaceutical benefits plan may look like over the next decade Between 2011 and 2014, the percentage of total drug spend represented by specialty
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