Summary: John Jameson is having dinner with his fiance, Kristine, when he spots Spider-Man swinging across the rooftops. The sight leaves him paranoid and without appetite. He escorts Kristine to a cab, explaining to her that he just needs a good constitutional to set him right. He is gripped by inner pains as soon as she is out of sight. John wonders at its origin, wondering if the gemstone that gave him his curse is still bothering him, even though it is gone - lost in ASM #125.
Later on Peter is at the offices of the Daily Bugle, where he sees pictures of several murder victims, who all have puncture wounds on their necks. Then he sees the last picture - of their attacker - Morbius!
John, now nearly delirious from the pain he is in, stumbles into a recently closed coffee shop, where he changes before the waitress' eyes into the Man-Wolf! The were-beast is then drawn out to the streets and then to an empty warehouse by the will of Morbius, who has recovered the gemstone from the river where it was lost! He beats down the Man-Wolf, puts the gem back on him, then bites him into unconsciousness. Once the sun sets Morbius tells the newly-awakened Jameson his plan - to save Morbius' life! John changes with the Moon's rising and the two head off in separate directions, "..Where we will have our meeting.. with destiny!"
Peter is leaving his day's classes when he spots Morbius and the Man-Wolf rushing past him. He purseues them, attacking the Man-Wolf as soon as he is in range. Morbius gets out of view while Spider-Man makes long work with the Man-Wolf, finally trapping him in a web. He then goes to warn the suspected victim, Professor Harold Ward. Ward heads the hematological research for the Blood Research Center, which Morbius has dealt with before - in MTU #3 and #4. He and Spider-Man come up with a plan, then Spider-Man goes back for the Man-Wolf and finds him gone. An hour later, Morbius shows up in Prof. Ward's lab. Spider-Man shows up and a fight breaks out. Prof. Ward shouts out "..The equipment in this room is irreplaceable!" as he runs out. They of course trash the room in the course of the fight, until Morbius believes that his plan now has no chance of success. Morbius flees. The Professor comes back, and their plan is spelled out for us: the 'valuable equipment' was a lie. The fight only broke spare parts.
Finally, Spider=Man shows up in costume at JJ Jameson's home, looking for John, who he believes is still the Man-Wolf, and dangerous. Jameson lies to Spder-Man and tells him that John has been with him all night. Spider-Man leaves, and JJJ goes into John's room, where he is out cold on the floor, human again, and puts him to bed, visibly shaken by his son's plight.