BERLIN (Reuters) – A development program for an atopic dermatitis treatment has failed, German biotech Morphosys said, sending its shares down 9% in early Frankfurt trade on Tuesday.
The clinical development process for its MOR106 antibody, which was jointly carried out by Switzerland’s Novartis, Belgo-Dutch biotech Galapagos NV and the German biotech was unlikely to meet its primary endpoint, Morphosys said.
“The decision was based on a lack of efficacy and not on safety concerns,” Morphosys said in a statement.
Galapagos and Morphosys announced their collaboration with the Swiss pharma giant in July 2018, saying the treatment would be aimed at curing atopic dermatitis, a condition that results in red and itchy skin, and potentially other conditions.
“Together with our collaboration partners, we will explore the future strategy with MOR106,” Morphosys said.
Reporting by Tassilo Hummel, editing by Riham Alkousaa
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