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Wednesday, November 25, 2009
Incyte Shares Up on Novartis Licensing Deal
By Kathryn Elizabeth Tuggle
FOXBusiness
Drug maker Novartis (NVS) has reached a licensing deal with Incyte (INCY) under which Novartis will pay $150 million for exclusive access to drugs that treat blood disorders and cancers.
On the news, shares of Incyte rose nearly 12% to reach the highest levels in over a year.
$150 million will be paid up front to Incyte, along with $60 million for a European study of INCB18424 that was started in July.
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