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Morgan Stanley has lowered its price target for Incyte to $65 from $69. This adjustment reflects the firm's updated outlook on the company's market performance.
Novartis will close two MorphoSys sites in Germany and the US, resulting in approximately 330 job losses, following delays in the pelabresib program. The decision comes after mixed results in a phase 3 trial for the blood disorder myelofibrosis, prompting a potential filing delay until 2027. Despite challenges, Novartis remains committed to the drug, which it previously deemed "practice-changing."
Novartis is set to close its sites in Munich and Boston, resulting in the loss of 330 jobs, following its $2.9 billion acquisition of MorphoSys. The closures are expected to be completed by the end of 2025. This move comes as Novartis continues to expand its oncology portfolio and engage in various licensing deals.
Novartis is closing MorphoSys sites in Munich and Boston, resulting in approximately 330 layoffs, as part of its integration strategy following the €2.7 billion acquisition earlier this year. The decision aligns with a focus on prioritizing R&D programs, particularly the delayed approval pathway for the oncology candidate pelabresib. This trend of post-acquisition job cuts has been observed across several major pharma companies in recent years.
AbbVie has acquired Roche spinout Nimble Therapeutics for $200 million, focusing on oral peptide treatments for autoimmune diseases. The deal includes undisclosed interim payments and potential milestone payments for shareholders. Nimble's lead asset is a preclinical IL23R inhibitor for psoriasis, with additional candidates targeting inflammatory bowel disease and other autoimmune conditions.
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Incyte price target revised down to 65 by Morgan Stanley
12:26 24.03.2025
Novartis cuts jobs and sites after pelabresib program delays
18:48 19.12.2024
Novartis to close MorphoSys sites in Boston and Munich cutting 330 jobs
16:30 19.12.2024
Novartis to close MorphoSys sites and lay off 330 employees
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15:47 19.12.2024
abbvie acquires nimble therapeutics for 200 million to enhance autoimmune pipeline
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