Incyte to pay $120 million upfront in bispecific antibodies deal
The USA’s Incyte (Nasdaq: INCY) has entered into a global, strategic collaboration agreement focused on the research, discovery and development of bispecific antibodies utilizing the proprietary Biclonics technology platform from Netherlands-based biotech firm Merus (Nasdaq: MRUS).
The collaboration and license agreement grants Incyte the exclusive rights for up to 11 bispecific antibody research programs, including two of Merus’ current preclinical immuno-oncology discovery programs.
Under the terms of the collaboration, Incyte has agreed to pay Merus an upfront payment of $120 million. In addition, Incyte will purchase 3.2 million shares of Merus stock at $25 per share, for a total equity investment of $80 million. Merus’ shares rocketed 42.9% higher to $20.22 on news of the deal.
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