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MorphoSys plans IPO of American depositary shares on Nasdaq

MorphoSys AG plans to sell $150 million of its American depositary shares, representing ordinary shares in an IPO on the Nasdaq Global Market.

Each ADS represents 0.25 of an ordinary share, and the Germany-based company has granted the underwriters an option to buy additional ADSs.

The late-stage biopharmaceutical company, which is focused on developing innovative and differentiated therapies for patients suffering from serious diseases, plans to list the ADSs on the Nasdaq Global Market under the symbol MOR.

MorphoSys plans to use the net proceeds from this offering, together with a portion of cash and cash equivalents, available-for-sale financial assets, and current financial assets classified as loans and receivables to continue developing its proprietary clinical pipeline, initiate precommercial and commercial activities and to advance earlier stage product candidates.

The company plans to use about $225 million to further develop MOR208, its product candidate being evaluated to treat relapsed or refractory diffuse large B cell lymphoma, and about $90 million to build commercial capabilities in connection with the potential future approval of MOR208.

About $20 million will be used for the financing of clinical development of MOR202, a product candidate currently under clinical investigation in patients with relapsed or refractory multiple myeloma. Roughly $30 million will be used to finance the development of MOR106, a product candidate under development to treat atopic dermatitis.

In addition, the company will use about $45 million for discovery programs and for developing technology platforms and for the remainder of any net proceeds as well as existing cash and cash equivalents for general corporate purposes.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Leerink Partners LLC, Berenberg Capital Markets LLC and JMP Securities LLC are acting as underwriters for the offering.