Incyte earns $60 million milestone on European reimbursement for Jakavi

2 October 2014

US biopharma company Incyte (Nasdaq: INCY) says that it has earned a $60 million milestone payment from Swiss pharma major Novartis (NOVN: VX) 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. Earlier this year the company earned a $25 million milestone from Novartis on the Japanese approval of Jakavi, used for the treatment of patients with myelofibrosis.

Under the Incyte-Novartis collaboration and license agreement signed in 2009, Novartis received exclusive development and commercialization rights to ruxolitinib outside of the USA for all hematologic and oncologic indications, and sells ruxolitinib under the name Jakavi. Ruxolitinib is marketed by Incyte in the USA as Jakafi (ruxolitinib).

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