Wednesday, November 25, 2009 8:07:49 AM
Novartis to Develop and Commercialize Incyte’s Lead JAK1/JAK2 Inhibitor, INCB18424, for Territories Outside the US and Incyte’s cMET Inhibitor, INCB28060, Worldwide
Incyte May Receive Over $1 Billion in Payments, Including $150 Million Upfront Plus an Immediate $60 Million Development Milestone in Addition to Future Potential Milestones and Royalties
Press Release
Source: Incyte Corporation
On 1:15 am EST, Wednesday November 25, 2009
Companies:Incyte Corporation
WILMINGTON, Del.--(BUSINESS WIRE)--Incyte Corporation (NASDAQ: INCY - News) announced today that it has entered into a collaboration and license agreement with Novartis for two of its investigational hematology-oncology therapies: INCB18424, an oral JAK1/JAK2 inhibitor that is in Phase III development for myelofibrosis, a serious life-threatening neoplastic condition characterized by varying degrees of bone marrow failure, splenic enlargement and debilitating constitutional symptoms, and INCB28060, an oral cMET inhibitor that is about to enter Phase I development as a potential treatment for multiple cancers.
Paul A. Friedman, Incyte’s president and CEO, stated, “This agreement reflects our objective to retain US rights to INCB18424 and puts us in a strong position to transition Incyte into a successful commercial company with sufficient resources to continue to advance other promising compounds in our pipeline. Additionally, the appreciation from Novartis for INCB18424’s potential to treat the unmet patient need in myelofibrosis and other cancers, and their proven success in rapidly commercializing new targeted oncology treatments, were determining factors in our decision to choose Novartis as our collaborative partner.”
Under the terms of the agreement, Incyte will retain exclusive rights for the development and potential commercialization of INCB18424 in the US. Novartis will have responsibility for the future development and commercialization of INCB18424 in all hematology–oncology indications outside of the US. Novartis will also be responsible for the future worldwide development of INCB28060.
Novartis will make an upfront payment of $150 million to Incyte plus an immediate $60 million milestone payment for the initiation of the European Phase III trial of INCB18424, COMFORT-II, that began in July of this year. Novartis will receive ex-US commercialization rights for Incyte’s lead JAK inhibitor and global commercialization rights for the cMET inhibitor. Each company will be responsible for costs in their respective territories for the JAK inhibitor, with costs of collaborative studies shared equally. Incyte may also be eligible over time for additional payments of up to approximately $1.1 billion if future contingent development and commercialization milestones are achieved. Incyte is also eligible to receive tiered, double-digit royalty payments on future ex-US INCB18424 sales. Novartis will be responsible for all costs and activities for the cMET inhibitor after the Phase I clinical trial. Incyte is eligible to receive royalties on future sales of INCB28060 and has retained an option to co-develop and co-promote INCB28060.
Recent INCY News
- Incyte Completes Acquisition of Escient Pharmaceuticals • Business Wire • 05/30/2024 08:05:00 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/30/2024 07:12:24 PM
- Incyte Expands Presence in Delaware through Acquisition of Two Downtown Wilmington Office Buildings • Business Wire • 05/21/2024 05:15:00 PM
- Incyte to Present at Upcoming Investor Conference • Business Wire • 05/21/2024 12:00:00 PM
- Incyte präsentiert Daten aus seinem Onkologie-Portfolio beim Jahrestreffen 2024 der ASCO und beim EHA2024 Congress • Business Wire • 05/16/2024 01:45:00 AM
- Incyte présentera les données de son portefeuille d'oncologie lors de la réunion annuelle 2024 de l'ASCO et du congrès EHA2024 • Business Wire • 05/15/2024 03:44:00 PM
- Form SC TO-I/A - Tender offer statement by Issuer: [Amend] • Edgar (US Regulatory) • 05/15/2024 03:10:29 PM
- Incyte to Highlight Data From its Oncology Portfolio at the 2024 ASCO Annual Meeting and EHA2024 Congress • Business Wire • 05/14/2024 09:00:00 PM
- Producer Price Inflation Data May Weigh On Wall Street • IH Market News • 05/14/2024 01:05:30 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 05/13/2024 10:06:33 PM
- Dow Snaps Eight-Day Winning Streak After Lackluster Session • IH Market News • 05/13/2024 08:34:54 PM
- Form SC TO-I - Tender offer statement by Issuer • Edgar (US Regulatory) • 05/13/2024 03:19:07 PM
- Form SC TO-C - Written communication relating to an issuer or third party • Edgar (US Regulatory) • 05/13/2024 11:19:45 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/13/2024 11:18:34 AM
- Incyte Announces Intention to Buy Back up to $2.0 Billion of its Common Stock • Business Wire • 05/13/2024 11:00:00 AM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 05/09/2024 10:40:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 10:25:46 PM
- Incyte to Present at Upcoming Investor Conference • Business Wire • 05/02/2024 12:00:00 PM
- Incyte Reports 2024 First Quarter Financial Results and Provides Updates on Key Clinical Programs • Business Wire • 04/30/2024 11:00:00 AM
- Incyte annonce l'acquisition d'Escient Pharmaceuticals et de son portefeuille d'antagonistes MRGPR oraux premiers de leur catégorie • Business Wire • 04/23/2024 10:11:00 PM
- Incyte gibt Übernahme von Escient Pharmaceuticals und dessen Pipeline oraler First-in-Class-MRGPR-Antagonisten bekannt • Business Wire • 04/23/2024 10:01:00 PM
- Incyte Announces Acquisition of Escient Pharmaceuticals and its Pipeline of First-in-Class Oral MRGPR Antagonists • Business Wire • 04/23/2024 11:00:00 AM
- Incyte to Report First Quarter Financial Results • Business Wire • 04/11/2024 12:00:00 PM
- Incyte and CMS Announce Collaboration and License Agreement for Povorcitinib, an Oral JAK1 Inhibitor, in Mainland China, Hong Kong, Macau, Taiwan and Southeast Asia • Business Wire • 04/01/2024 12:30:00 PM
- Incyte Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4) • Business Wire • 03/29/2024 08:30:00 PM
FEATURED Element79 Gold Corp Continues Fostering Local Community Engagement • Jun 4, 2024 9:08 AM
PickleJar Debuts Nationwide Contest With Brian Kelley for Fans to Win a Three-Day Bahama Cruise • NREG • Jun 3, 2024 8:45 AM
ILUS Provides an Update on the Binding Term Sheet Signed with Actelis Networks (NASDAQ: ASNS) • ILUS • May 31, 2024 12:52 PM
Element79 Gold To Provide Summary and Update on Active Exploration Program, Community Relations at RMEC on June 4 • ELEM • May 30, 2024 1:18 PM
Branded Legacy Secures Exclusive Extraction Partnership with One of the World's Largest Kava Distributors and Producers • BLEG • May 30, 2024 8:30 AM
ECGI Holdings, Inc. Announces $2 Million Debt-to-Equity Conversion • ECGI • May 30, 2024 8:30 AM