MorphoSys (MOR) announced that its licensing partner Roche (RHHBY) provided an update on the GRADUATE I and II studies evaluating gantenerumab in people with early Alzheimer’s disease. The studies did not meet their primary endpoint of slowing clinical decline, the company said in a statement. The level of beta-amyloid removal, the protein that builds up to make plaques in the brains of people with Alzheimer’s disease, was lower than expected, it added. The GRADUATE Phase 3 program evaluated the safety and efficacy of gantenerumab in people with mild cognitive impairment due to Alzheimer’s and mild Alzheimer’s dementia over 27 months. “We are disappointed by these results as there are millions of people impacted every day by Alzheimer’s disease,” said Jean-Paul Kress, Chief Executive Officer of MorphoSys. “We are grateful to Roche, our long-standing partner, for their work on the GRADUATE program and their commitment to the Alzheimer’s community.” Shares of MorphoSys are down 32% to $3.71 in premarket trading.