Jakavi approval triggers milestone payment

The approval of Jakavi (ruxolitinib) for the treatment of myelofibrosis by the Japanese Ministry of Health, Labor and Welfare triggers a $25M milestone payment to Incyte Corp. (INCY) from collaboration partner Novartis (NVS). Under the terms of the license agreement, Novartis has exclusive development and commercialization rights to ruxolitinib ex. U.S. for all hematologic and oncologic indications. Ruxolitinib is marketed by Incyte in the U.S. under the name Jakafi.

Novartis is working to establish formal pricing and reimbursement approval in a third major European country. It expects this to happen in 2H 2014. Once achieved, Incyte will earn a $60M milestone payment.

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