Morbius is a scientist suffering from a rare blood disease who, after attempting to cure himself, becomes afflicted with a form of vampirism.
No more details are known about the movie, but it will likely follow the broad strokes of Morbius' origin - especially with vampires continuing to be all the rage in film and television. Because of the deal, the studio struck with Marvel Studios for the Spider-Man: Homecoming sequels starring Tom Holland, Sony is left with a sandbox of Marvel characters all related to Spider-Man, but without Spidey available to tie together their planned cinematic universe. Basically, he's the Yuri Boyka of the Spider-Man 'verse, only instead of kicking ass, he bites necks and wears tights. Sony has hired Power Rangers screenwriters Burk Sharpless and Matt Sazama, who have already written the script for Morbius the Living Vampire and sent it to the studio as part of a secret development process.
The question is: Can Morbius work as a movie that is separated from both Spider-Man and the larger MCU?
In the comics, he collides and fights with Spider-Man for some time. He originally appeared in The Amazing Spider-Man but has since gained his own solo titles as well as stories like the (excellent) 2010 Legion of Monsters minseries.
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Sony has been furiously developing its stable of Marvel-licensed characters that are mostly based off the heroes and villains that are connected to Spider-Man. Roy Thomas and artist Gil Kane created Morbius in 1971 as a tragic Spider-Man villain, but he has gone on to headline his own comic book series that cast him in a more heroic light.
Morbius joins Venom and Silver & Sable, the Black Cat and Silver Sable-centric spin-off, in Sony's cabal of increasingly odd superhero spin-offs.
We'll have to wait to see where this Morbius movie goes, as there is no release date yet announced. First and foremost, Morbius needs a good story. It's not clear with interpretation of Morbius Sony will be using for its movie.