Incyte Earns $60 Million Milestone Related to Reimbursement of Jakavi® (ruxolitinib) in Europe
October 02 2014 - 7:30AM
Business Wire
Incyte Corporation (Nasdaq: INCY) announced today that it has
earned a $60 million milestone payment from Novartis related to
reimbursement of Jakavi® (ruxolitinib) in Europe. Incyte will
record this amount as contract revenue in the third quarter, and
expects to receive payment of $60 million in the fourth
quarter.
Under the Incyte-Novartis Collaboration and License Agreement
signed in 2009, Novartis received exclusive development and
commercialization rights to ruxolitinib outside of the United
States for all hematologic and oncologic indications, and sells
ruxolitinib under the name Jakavi. Ruxolitinib is marketed by
Incyte in the United States as Jakafi® (ruxolitinib).
The achievement of this milestone also triggers the obligation
for Incyte to pay tiered, low-single digit royalties to Novartis on
all future sales of Jakafi in the U.S.
About Jakafi® (ruxolitinib)
Jakafi is a prescription medicine approved by the U.S. Food and
Drug Administration to treat people with intermediate or high-risk
myelofibrosis (MF), including primary MF, post–polycythemia vera MF
and post–essential thrombocythemia MF. Jakafi is marketed by Incyte
in the United States and by Novartis as Jakavi® (ruxolitinib)
outside the United States.
Important Safety Information
Jakafi can cause serious side effects including:
Low blood counts: Jakafi may cause your platelet, red
blood cell, or white blood cell counts to be lowered. If you
develop bleeding, stop taking Jakafi and call your healthcare
provider. Your healthcare provider will perform blood tests to
check your blood counts before you start Jakafi and regularly
during your treatment. Your healthcare provider may change your
dose of Jakafi or stop your treatment based on the results of your
blood tests. Tell your healthcare provider right away if you
experience unusual bleeding, bruising, fatigue, shortness of
breath, or a fever.
Infection: You may be at risk for developing a serious
infection while taking Jakafi. Tell your healthcare provider if you
develop symptoms such as chills, nausea, vomiting, aches, weakness,
fever, or painful skin rash or blisters.
The most common side effects of Jakafi include dizziness and
headache.
These are not all the possible side effects of Jakafi. Ask your
healthcare provider or pharmacist for more information. Tell your
healthcare provider about any side effect that bothers you or that
does not go away.
Before taking Jakafi, tell your healthcare provider about all
the medications, vitamins, and herbal supplements you are taking
and all your medical conditions, including if you have an
infection, have or had liver or kidney problems, are on dialysis,
or have any other medical condition. Take Jakafi exactly as your
healthcare provider tells you. Do not change or stop taking Jakafi
without first talking to your healthcare provider. Do not drink
grapefruit juice while on Jakafi.
Women should not take Jakafi while pregnant or planning to
become pregnant, or if breast-feeding.
Please see the Full Prescribing Information available at
www.incyte.com, which includes a more complete discussion
of the risks associated with Jakafi.
About Incyte
Incyte Corporation is a Wilmington, Delaware-based
biopharmaceutical company focused on the discovery, development and
commercialization of proprietary small molecule drugs, primarily
for oncology. For additional information on Incyte, please visit
the Company’s website at www.incyte.com.
Incyte CorporationPamela M. MurphyVice
President, Investor Relations & Corporate
Communications302-498-6944
Incyte (NASDAQ:INCY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Incyte (NASDAQ:INCY)
Historical Stock Chart
From Sep 2023 to Sep 2024