Ladies and gentlemen, welcome to the conference call of MorphoSys and the Insight. Please note that for the duration of the opening statements, all participants will be in a listen only mode, and the conference is being recorded. Thereafter, there will be the opportunity to ask questions. Now I would like to turn the conference over to Sarah Fakke. Please go ahead.
Thank you. Good morning, good afternoon, and welcome to our joint conference call and cast to discuss the announcement of our global partnership deal with Incyte, which was signed yesterday evening Pacific Time. My name is Sarah Fakhian. I'm the Head of Corporate and Investor Relations at MorphoSys. With me on the call today are Jojo Kress, our Chief Executive Officer and Jens Holstein, our Chief Financial Officer.
And we are very pleased to be joined by Abe Au Pinot, the CEO of Insight, Christiana Stemulis, Insight CFO and Mike Booth, Insight's Head of Investor Relations. Before we start, I would like to remind you that during this conference call, we may discuss certain forward looking statements including those concerning the development of MorphoSys Core Technologies, the progress of MorphoSys current research and development programs and the initiation of additional programs by MorphoSys. Such forward looking statements may also include in site expectations for 2020 and beyond the commercialization of inside products, inside development plans for the compounds in its pipeline, as well as the development plans for inside collaboration partners, and the potential future for product launches by insight. Should actual results differ from the company's assumption and swing actions may differ from those anticipated? Therefore cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof.
We also encourage you to read you the risks and uncertainties described in our SEC and other regulatory disclosures, including insights 10 Q for quarter ended September 30, 2019. In today's call, both John Paul and Avi will make brief opening statements describing the partnership and its rationale, and then we'll open the lines for your questions. Given the time constraints and our need to close the call at 7:45 am local time here in San Francisco, I ask that you limit yourself to one single question to allow as many to ask questions as time allows. I will now hand over to Jofo.
Thank you, Sara, and thank you all for joining the call. Yesterday evening, we announced a global collaboration and license agreement with Incyte for our key assets Tafasitamab, which includes U. S. Co commercialization. Let me briefly remind you about Tafasitamab.
Tafazitamab is our proprietary investigational Fc enhanced antibody against CD19. We submitted a BLA for tafasitamab in combination with lenalidomide to the FDA in December last year for the treatment of relapsed of refractory diffuse large B cell lymphoma. Subject to FDA approval, we plan for a U. S. Launch mid-twenty 20.
In Europe, we plan to submit a marketing authorization application to EMA in RR DLBC by mid-twenty 20, allowing for an earliest potential approval by mid-twenty 21. With insight, we have a strong and highly dedicated partner to work to maximize the value and broaden the opportunities for Tafasitamab as a potentially new foundational therapy across B cell malignancies. Incyte has strong footprint them up. The press release describes the key details of the transaction including the closed financial terms, so I will not repeat all that detail here. The agreement outlines that MorphoSys and Insight will co commercialize sapacitimab in the U.
S, where MorphoSys will lead the commercialization strategy as well as book all revenue from sales. And where more for this and insight will share profits and losses on a fifty-fifty basis. Outside the United States, Incyte will have exclusive commercialization rights and book all revenue from sales of Safasitamab, paying more for this tiered royalties on ex U. S. Net sales.
Upon closing, Marforsys will receive an upfront payment of $750,000,000 and In addition, Incyte will make Furthermore, MorphoSys will be eligible to receive future milestone payments amounting up to $1,100,000,000. Importantly, we believe that the partnership is inside the lowest for the highest mutual value creation. This is a partnership based on the combination of a promising candidate for MorphoSys' strong antibody development expertise with insights, established hematology oncology footprint on both sides of the headcount and their proven ability to develop and provide patient success to important new medicines. Now I will pass on to Ervie. Ervie, please.
Thank you, Jean Pervie. So first, I must say we are very excited by the prospect of Sasol disease. Facetamab and we'd work with MorphoSys to ensure we can deliver on its full potential. We see CD19 as a unique mechanism of that is fundamental to the treatment of the cell malignancies. And while there is a near term opportunity in the launch in DLBCL, very significant upside in the medium to longer term.
We believe that tafasitumab can become a very important part of our oncology portfolio. So both companies will work together as we seek to broaden tafasitamab development beyond DLBCL into other B cell malignancies, such as follicular lymphoma, and CLL, including combination with Bartacolizib, our PS-three can help obtain EBITDA. We expect Facetamab to significantly enhanced both top line and bottom line growth in 2025 and beyond. And with the BLA already submitted and the MAA expected mid upon approval, Tafasitamab may also contribute to near term revenue growth. Safasitara also fits very well with our current commercial hematology footprint and therefore enable us to capitalize on significant commercial synergies in the U S and in Europe.
In the U S, we have proven success over 7 years of with Jakafi And Hematology with the same customer base treating DLBCL. In Europe, in the past 4 years, we have built a strong capabilities in hematology with commercial teams and a very strong medical network with ongoing studies in hematology and in non Hodgkin's lymphoma. We will forward to working with a more positive team as both companies are highly innovative and agile in decision making. We now have the opportunity to accelerate tepacitumab development into global markets and to develop it in multiple indication as we work to improve the lives of patients from serious and life threatening diseases. Let's now open the lines for your
Ladies and gentlemen, we will now begin the question you.
Questions.
The first question is from Salveen Richter, Goldman Sachs. Your line is open. Hi.
Thanks for taking my questions. Could you maybe talk about, I guess, we looked at, and this is a question for MorphoSys, but when you looked at partnerships, partners out there, the wrap now behind choosing Insight as your partner globally here? And secondly, for Insight, Herve, can you just speak to how this might affect, just your commercial infrastructure, whether you need to add any salespeople, and how we should just think about the economics as the deal as it relates to to, to the Insight story going forward. Thank you.
Great. Thank you for your question. This is Jean Paul Press. So I'll start with with the MorphoSys perspective here. When we started to work on the partnership prospect, we, you know, we leveraged the size of the asset to reach out to a broad scope of potential partners and became pretty quickly apparent that in fact was a great choice for several reasons.
And we alluded to that in our now in prediction. But one of the main reasons is the fit between the companies. I think this is very important. We had, of course, big pharmas interest but we ended up with insights, because we have the same dedication to the asset and to the thick area. And for us, it's absolutely paramount that we ensure the right level of focus and dedication to the asset.
When you partner with a big sum, I have done that several times in my career. You have always a risk to be a bit diluted and deprioritized. And we don't we don't want that. We think the asset deserves, ultimate focus. And we know that that will happen without any doubt with insight.
Beyond that, I think the other thing is that they have a very nice balance of commercial and development at QN, which we really value very much and very much looking forward to that.
First, I mean, it's clear that we will dedicate, resources to this project and we will, make sure that it is very successful. We, I want to remind everybody in the US, we have an established team that I think in this case could be very much used to optimize the potential of this product in the U. S. As we have been working now for 7 years in hematology, both in development medical affairs and commercial with a lot of success that can be seen with Jakafi. In Europe, we have spent the last 4 years building a team covering commercially most of the European countries, and we have a development and medical affairs organization in Europe in place that could be redirected from what they are doing currently to really help prepare for the launch of product in Europe.
So on both sides, I'm very confident it's a very good fit in term of therapeutic area in term of customer base. We will have additional resources to add to what we have today, specifically in some areas of Europe. And we are totally ready to do that. The way it's going to impact us now speaking of the insights, the financial impact, as your last question, we see this product contributing very well to grow the top line and bottom line in the year 2025 and beyond. And that's obviously something very important to us.
I obviously, there is a shorter term opportunity that could be coming from the current filing in relapsedrefractory, the FBCL. So on both, you know, the sort of strategic fit and the financial aspect. I think it's a very good partnership. And as Jean Paul said, I think there is between the two company a set of mind a way of thinking about how to be successful in this field that is very well aligned and I'm very optimistic about the success of the partnership and the product that is a very important product for DLBCL First and many other indications.
Thank you.
The next question is from Constantino Zapalaki, Deutsche Bank. Your line is open.
An insight on today's news. My question is for the MorphoSys team. You've touched on it already, but could you provide some more detailed commentary on how competitive the process was for a tafasitamab partnership? And how did you prioritize the following for considerations financial terms, governance terms, potential partners, hemonc expertise, and potential partners global Thank you.
Thanks, Constantinos. Very happy to hear your voice here. So, so let me maybe start by the 4 points that you were the competitiveness, yes. Of course, we, you know, we've been working on this process for the last, several months. We've been told actually sometimes that we were a bit too slow But I have to say that since I started my tenure as the CEO of MorphoSys, September 1st, we've been full blast on that.
And I think delivering partnership of this site. I think it's one of the largest, partnership deal of of the last couple of years. So I'm very pleased with that obviously and the fact that we've ended up with this outcome. A very competitive partnership process. We worked with some advisors that helped us prioritize the contenders.
We went through old scope of potential partners, including big pharmas, mainly big pharmas. We didn't let anyone who could be interested interesting out of the process and insight from the price. So I think that's pretty well done guys because we it was it was it was we're very competitive. So on the terms, which obviously drove the decision, the financial terms, obviously, were very important. I think here we're achieving a set of, of accomplishments that we are very confident will, the lowest to companies to grow the value of the company.
And, I mean, we can come back to that, but it's pretty self explanatory. Also, in terms of the governance, I think we have we were very keen at retaining the strategic lead in the U. S, but we very much rely on our partnership company like inside. So that's a balanced approach, but still we have a strong say. The expertise was extremely important but together with the expertise, I would put the dedication and the focus because you can have a great expertise and be deprioritized because of other portfolio priorities large pharma.
And that we had a couple of examples in our negotiation process that we did not want to go with a partner who would have an internal, potential competition in the after hours. And the global aspects was important, but I'd like to remind, like ourselves here, like Elvie did, that the U. S. Is a top priority in this therapeutic area. And here, we will have double down approach, very strong complementary approach.
Obviously, the value also comes from Europe. And very confident that the Evinced team will deliver there. And then there is ex U. S. Ex Europe, which is both been not as important, but we're not neglecting, and we'll make sure we address all the benefit of the patients out there.
But the U. S. Is absolutely paramount without any
Thank you very much and congrats again.
The next question is from Mark Frankelen and Company. Your line is now open.
Yes. Thanks for taking my question and congratulations to those companies on the deal today. Maybe for the Incyte team, more for us, this is pursued a little bit different, regulatory or development strategy than some others in the DLBCL space. Using a combination with lenalidomide and then also trying to replace rituximab and VR instead of just going on top. So what made you comfortable if this is the right development program, rather than kind of pursuing what maybe Roche has done with Olivia or the bispecifics and CAR T cells have done in terms of going to the last line?
No, so Mark, thanks for the question. I think, first, to step back, it's very important to realize that we believe and frankly with a lot of input from, the scientific community around us. That inhibition of CD19 is one of the key mechanisms that will transform the treatment of the cell malignancies. So that's the first important frame to have in mind when we are thinking of what are the next steps. So there is a number of, of settings and the short term is in the relapse refractory setting where the data that you have seen has been developed is very impressive data because the complete response rate is different from what you get from most products.
It's, somewhere similar to what you can get from technologies like a, So we think it is 1st in the relapsedrefractory setting, a product that will have a very strong, competitive profile And as you know, I mean, that setting is a very important segment of treatment of DLBCL. After that, this next step of trying to move it to the earlier line of treatment in combination with Rituxan or Rituxan combination regimen is something that frankly, we will learn a lot from the ongoing Phase 1 study that is now being run and where the decision for the design of the first line study will be largely driven by what we will see as we go. In parallel, we have seen very interesting data combining this product with the plastric and its delta. And we think that it is another of the opportunities that could be expanding also the detailed redundancy potential for the product. So we are comfortable with the plan as it is.
We think there is a lot to learn with the new data that will be coming in the next few months. And in fact, we think that we can transform in some way the treatment of many of B cell malignancies And then there is another idea of upside when we go to other types of indications, but that by itself is justifying the agreement as you have seen it. And then I think making the next few months of developing the potential for the product, very exciting for both companies.
Maybe just to add on, on all his comments here. The process for us was also a validation of our approach with the FDA. Many potential partners were actually impressed by the upholstery minor portion that we are using for the FDA. And obviously, in right in the first row here. So that was very important also for us.
All right. Thank you very much.
The next question is from Danielle Brillpa Sandler. Your line is
Hi, good morning. Thanks for the questions. I guess first for Incyte, curious how much overlap is there with the target physician base for your established commercial infrastructure. Do you have any plans to expand upon that? And then we've talked lot about maximizing the full potential of TAFSA, and moving up to earlier line, frontline development do you have any visibility on when those trials will be up and running and who will be responsible for what in in the areas that you're co developing?
Thanks.
Benoit, thanks for the question. So on the overlap, it's in the U. S, it's very clear in fact, we are already, as we speak, speaking to most of the physicians who are treating the FBCLs. Through our existing hematology group. So and as you know, we have indications for our account product in Metofibrosis and PV.
So that's covering a large part of the private market. And then we have an indication in the size of GBHG, which is sort of a side effect of a bone marrow transplant, which is also completely overlapping with the treatment of the LBCN. And by the way, that's where also CAPP treatments are done. So that's a very, very strong footprint that we're developing very strongly. In Europe, we have a product that is used in a treatment of Camey at CML.
So as you can see, it's also for most countries, completely overlapping with what we will be doing here in term of targets. Some exceptions because, as you know, by country, there are, treatment patterns that are not always identical, but it's basically probably something like a 70 75% existing overlap. And we will increase our footprint in Europe as we go through the next the 10 months as the review process is ongoing. So that we will be fully already by the time the product is approved in Europe. So, Daniel, on your on the second part of your question,
on the clinical trials, we have a split of responsibilities to the agreement. The current trial L mine, remind B MIND 1st mine in 1st line and Kosmos will continue to be led by MorphoSys the strength of our development organization. So that's not going to change. We'll continue to execute at the high space for that. And we agreed that the next extended indications beyond DLBCL like follicular lymphoma, margin as well lymphoma and CLL.
Will be led by insight. Will any way work together on this set of studies because we will have joined approach and committees and governance, but that's the structure in the deal.
Got it. Thanks very much.
Thank you.
The next question is from Evan Sigerman Credit Suisse.
Hi, there, and thank you for taking my questions. This is, for Herve and the Insight team. So, what type of investment will be required for you to build out your presence in Europe. As I know, recently in the past you've used partners to commercialize in Europe, are there any synergies you'll be able to get from, some of your portfolio products or investigational products, if you eventually launch them in Europe?
Yes, Evan, thanks for let me re, rephrase a little bit here because there is the perception here that we don't have a strong European organization And I must say, and I understand why it's basically on the Jakafi partnership we did 10 years ago with Novartis. Since then, we have competitive chance that our approach to commercialization in Europe, we have acquired an organization 4 years ago We have existing commercial products in Europe commercialized by Insight, and we have a footprint, as I just said, that it's covering most of the hematology centers across Europe with the exception of some countries where on the Eastern Europe side, where we are working with distributors. But for what will be like 85% or 90% of the potential of this product in Europe, we have already an existing medical and commercial team in place that will be redirected now to support the launch activities for this product. So at the same time, there will expansion of the headcount in Europe, it would be progressively done over the next year so that it it will not be a sudden event in the short term, but we think we have the existing capabilities to address the commercial challenge of launching this product in Europe in large part already and we will increase to make sure that it's it's fully, already by the time the launches are happening in the different country.
The next question is from Daniel Wendorff, Commerzbank. Your line is now open.
Thanks for taking my questions. And congratulations on the deal. And 2 former forces, if I may. And when thinking of the mild on payments. Can you potentially comment on how they are structured roughly more geared towards regulatory of more geared towards sales milestones and what part of them are actually directed towards the first indication RDLBCL?
And second question would be, how should we think about the accounting treatment of the MISO payment? Thank you.
Yes, Daniel. Thanks very much for the questions. Maybe first of all, we'd like to grab the chance to highlight that MorphoSys has the right to book the revenues, in the U. S. Because that has an important implication on the accounting treatment.
So on your second question, but maybe coming first to the milestone payment. So we have, we have agreed to not disclose, all the details here, but you can visage that a program that is actually, filed has certainly a very significant amount of regulatory milestone payments as well. So it's not the typical, necessarily the typical sales or a bio dollar calculation, but please bear with us that we are not giving out unable to give you details on how this plays. Yes. In terms of the accounting treatment, If you have the opportunity to, book revenues, that requires then accounting wise, it treatment where you have to, split the upfront payment into a part that you can book as revenues directly under IFRS 15.
In 2020 and there is a fraction that you can't book, but you have to apply IFS 9. So there are similar sort of regulations under U. S. GAAP, which leads to an account retreatment where some of this upfront payment goes into the balance sheet as a financial liability how that split will look like. We gotta, give some some more guidance later, towards end of end of Q1.
Latest when we give out guidance at this point in time, it's a bit too early to do this, because the deal is so fresh, but of course, we'll keep you posted on how you have to think about the revenue projections for the company for 2020. Daniels.
The next question is from Alicia Young, Kentron Fitzgerald. Your line is open. Hi. This is Lee on for Alethia. Thanks for taking our question.
Maybe just one for insight so should we expect further business development from here, or should we think that this will be the same term therapies for 2020? Maybe just talk a little bit about how this deal might impact your BD priorities in 2020?
Thanks. Oh, hi, it's It's Cristiano Samoulis. Regarding the BD Activities, following this deal, we still have $1,000,000,000 cash on the balance sheet. And our intention is to continue to assess external opportunities that could add to our portfolio. So obviously this deal is very much in line with the objectives that we've had for BD.
With the objectives that we have as a company of diversification and continue to contribute to growth, especially in the meter and also leveraging our existing infrastructure in the U. S. And Europe we'll continue to look for other potential assets that could add in a similar way to our objectives, to our strategic objectives as a company.
The next question is from James Xin, Berenberg. Your line is now open. Thank you. From Berenberg. Your line is now open.
Maybe your line is on mute. At the moment, we can't hear you. Hi. Can you hear me okay? Hello?
Yes. Hello.
Hi, I'm sorry. This is some technical problem here. So good morning. Congratulations on the deal. This is actually a question for John Paul.
I know Jakavi is a great, commercial success in hematology, but do you consider, insights ex U. S. Commercialization capability proven given that Jakafi Nalumiant ex U. S. Commercialization was taken care of by both Novartis and Bayer?
And how does do you factor that into your physician process?
Look, I mean, for us, it's, it's, you cannot dissociate, really Europe and U. S. In terms of, think they know how to do the job. They've proven in, in the US, a lot of, their, management proven capabilities in Europe as well, and they made the point. I think it's about the dedication they are going to do to ramp up for the launch of the asset in Europe.
They have some time because it's a year of vis a vis the US So I'm very confident they will do a great job there. I'm not worried. And remember, I mean, Europe is important, but it's not as important as the US. So that's also to put in perspective. So all in all, I think it's a very, very good proposal.
The next question is from Anita Jean in IBC. Your line is now open.
Good afternoon, and thank you for taking my question. I have a question for MorphoSys. Was wondering how this deal will impact, combination therapies with MOR208, especially the potential common with the asset from Pivoria?
Hi. This is Jean Paul Chris. It doesn't change, anything. We continue to evaluate, the CD47 CLLPHY inhibitor. What you're actually alluding to, and it's independent of the deal with insight here.
It will not prevent us to evaluate other end synergies and possibilities with stuff acetylmato, the cornerstone. So, there is no there is no change of plans for the CD4-seventy 5 millimeter.
Okay, great. And how would this influence splitting of revenues in case of Yeah.
In that respect, I mean, the the vivarium compound and the option that we have, remains with MorphoSys. So it has no implications, on this collaboration other than that we potentially could combine it with 208 and could run some clinical trial to the benefit of all parties. But the revenue attributed out of, the sub alpha, CD47 sub alpha compound remains with MorphoSys.
Okay, very clear. You.
And the next question is Jake Olsen Oppenheimer. Your line is now open.
Hi. Congratulations on the deal and thank you for taking your questions. Could you please comment on the timeline for regulatory approval of tafasutinib in key markets outside the U. S. And Europe?
I think the press release specifically mentions Japan and China.
Yes, so I mean for Europe, you've seen the communication. We are actively working on the on the filing and we'll sort out how we now finish that with insight in the next couple of weeks months. After the HSR clearance. And the goal is obviously to file by, as we said earlier, by mid year by mid this year, sorry. And so we can probably hope for launch somewhere between early and mid-twenty 21 in the first Europe and Countries.
Ex Europe, ex U. S, we have to start to put our timelines together with insights and we'll come back to you on that.
I mean really to Japan, we have a development team in hematology in place today in Japan that has been like 3 years of work. So we will be selling the planning process because no study has been yet conducted in Japan with this product. And as you know, there is a need to have some data in the Japanese patients and then we will obviously leverage the global program and see how it can apply to Japan. So I would say there we are in a place where we together, the two companies are selling and we'll be starting the pending process in the next weeks following the closure.
Thank you.
Yes, hello. Congratulations from my side as well. One question, as it's limited on the impact on your U. S. Infrastructure buildup.
Has the co commercialization deal any impact on your planned investments into the U. S. Infrastructure sales force, etcetera?
No, actually, we always plan to establish a fully fledged organization in US. And by the way, we complete. Right now, we have, all our employees in Boston and already a full team of MSRs internalized and are recruiting reps as we speak. We start to post ash in November. So So, no, that doesn't change because the approach is to double down.
And 1+1 23, it's not to spare our capacity that being said, obviously, we'll have to work on alignment and financing the split of responsibility and stuff like that, but it doesn't change. I mean, we'll be fully pledged and staffed in the U. S. And that's the approach I mean, in this kind of deal, what you do, you leverage each other expertise and contacts and outreach, but you keep your full boxes, please.
Next question is from Gabriel Fong Medaya Harris Securities. Yep. May I open?
Hi, guys. This is Gabriel from Mizuho, and I'm glad questions for Hervey, and I apologize if I missed this earlier, but has has already done any preclinical work? I think teprotzumazumazumazeprazumazeprazumazeprazumazumazeprazumab in combination with other drugs.
Prudential justification of TAFSA plus Delta. And then
So, no, so the justification of TAFSA plus Delta frankly is coming from the clinical data in a small study that was combining Tafar with, idelalisib. And that had, I think it was 11 patients. And in fact, 9 of them responded of some very large, proportional observation. I know it's small, but it was certainly something that was exciting to see from the investigator side. And what we plan to do is to confirm it with what we believe is probably a better pediatric and a dentard and see if that effect can be in a larger scale because then it would really open a very interesting, new possibility for both products.
So it's very typical. In that case, is that fact, it will be it will be helping both companies. So I think in general, there is a number of combination partners that we could go with. And as the field is evolving, obviously, we would be investigating all of these different possibilities combine in diesel malignancies because there are a number of mechanisms that are important. I want to repeat that we also believe that CD19 Inhibition, we think will be one of the cornerstones of treatment of diesel malignancies over time.
And these products specifically compared to other CD19 targeted agent, I think has a lot of potential to become that cornerstone.
We have a follow-up question from Daniel Bender of Commerzbank. Your line is open.
Yes, thanks for taking my follow-up question. It's one for insight. I think you mentioned part of that in the last question, but my question actually would be what attracted you most when looking at Tafazidamad and being prepared to end into this deal? Thank you.
So I would say that, I mean, there are always all kind of dimension you have to take into account. There's a financial dimension. What we said here is that we see that the growth driver for revenue and bottom line in the years to starting in 2025 to the 2030. So that's important for us in term of portfolio because it's sort of adding a growth driver and it's not overlapping in term of it the patent situation and the exclusivity situation. So that's certainly something that was sort of the target for us Now the second piece is the clear synergy in terms of the existing infrastructure.
And we spoke about it a lot this morning because I think it became a question or something. But there is a cliff synergy in terms of infrastructure here where we have establish the methodology group in Europe and U. S. On the commercial side, the medical side and the development side. And when we were discussing together with MorphoSys on what will be the prospect and what we need to do for the next, for the next few years to maximize this product, what we found is that we were very aligned.
And then the part I would say is the spirit and the way sometimes company are wired can be sort of difficult to, incompatible And what we found here is exactly the opposite is that the history of MorphoSys, the dedication to discovery, the ability to discover new antibodies the past 15 years is something that we admire very much. And I would say we have been a little bit in the same position on the small molecule side where we have been one of the companies that was able to bring new products, new, entities to, market doing the entire process. And I think the mindset of the 2 companies, the flexibility, the ability make decisions quickly. It's something that will be very variable in this partnership. So there is a financials, there is a strategic, and then there is the feasibility of our last synergy.
And then there is obviously the fact that we believe we can together. And I think it's it can become a very powerful partnership of 2 companies. So it's not a big pharmacy, but 2 companies with resources, with capability is with very good people to maximize the potential of this product in Europe and the U. S. For now and the rest of the world as we go there as a step Thank
you very
questions. Thank you, everyone, for your
questions, we will now conclude the call. Evinio, if you would like to follow-up, both the more pulses and insight IR teams will be available for the remainder of the day. Please note that inside will present at the JP Morgan Healthcare Conference today at 8:30 am PST. We're both will present at JP Morgan on Wednesday, January 15, at 1:30 pm PST. Thank you for your participation on the call today, and goodbye.
Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.