MorphoSys Discontinues US Discovery Activities, Takes €231M Impairment Charge

• MorphoSys AG (NASDAQ:MOR) has reported a non-cash impairment charge of €231 million on goodwill after consolidating research and discovery functions.
• This write-down results from the consolidation of the Company's research and discovery activities after the acquisition of Constellation Pharmaceuticals.
• MorphoSys decided to focus its research activities on the most advanced programs and centralize all laboratory activities at its German research hub in Planegg, Germany.
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• All US-based activities relating to discovery biology and drug discovery departments were discontinued.
• Early pipeline projects cannot be realized anymore, and the expected cash flows from these projects will not materialize accordingly.
• Price Action: MOR shares are down 0.93% at $6.42 during the market session on the last check Thursday.