MorphoSys adds 16% on faster timeline for Phase 3 myelofibrosis program

MorphoSys AG (NASDAQ:MOR) added ~16% in the morning hours Wednesday after the German biotech indicated a faster-than-expected timeline for its ongoing late-stage study for experimental therapy, pelabresib, against blood cancer myelofibrosis.

The company said it completed enrollment in the trial named MANIFEST-2, in which the BET inhibitor is tested against JAK inhibitor ruxolitinib, known as Jakafi, from Incyte (INCY) in myelofibrosis patients who have not previously received a JAK inhibitor.

MorphoSys (MOR) tests pelabresib with ruxolitinib against those who receive ruxolitinib as a single agent.

Topline data from the trial are expected by the end of the year, an earlier-than-expected milestone compared to the early 2024 timeline MorphoSys (MOR) indicated for the readout with its Q4 2022 results last month.

Concurrently, the company said that enrollment is also complete for its Phase 3 frontMIND study. The 880-patient trial is a partnership between MorphoSys (MOR) and Incyte (INCY) to evaluate tafasitamab, plus lenalidomide in addition to R-CHOP combination or R-CHOP alone as a first-line treatment for diffuse large b-cell lymphoma.

Tafasitamab is marketed as Monjuvi in the U.S. and Minjuvi by Incyte (INCY) outside the U.S.

Seeking Alpha contributor BiotechValley Insights says tafasitamab and pelabresib are MOR’s “two key value drivers.”