German pharma company MorphoSys's finance head to step down

BERLIN - German pharma company MorphoSys said its finance chief Sung Lee would leave the company for personal reasons in March 2023 and that the company was seeking a successor to Sung, who joined in February 2021.

The company suffered a major setback in November when an Alzheimer's drug candidate it was developing with Roche failed to slow the progress of the memory-robbing disease in two separate drug trials.

"We understand Sung's desire to go back to California and the importance of his personal obligations," said company chair Marc Cluzel.