Incyte Corp. is a development company focused on oncology, inflammation and diabetes treatments. The company recently announced an agreement with Novartis regarding two of its investigational hemotology-oncology therapies.

INCB18424 is an oral inhibitor in phase III development for myelofibrosis, a potentially fatal condition that includes bone marrow failure, splenic enlargement and debilitating constitutional symptoms. INCB28060 is an oral inhibitor that will soon be in phase I development as treatment for multiple cancers.

The license and collaboration agreement calls for Incyte to keep the exclusive rights for the development and commercialization of INCB18424 in the United States. Novartis will be responsible for future development and commercialization of INCB18424 outside of the United States, as well as future worldwide development of INCB28060.

“This agreement reflects our objective to retain U.S. rights to INCB18424 and puts us in a strong position to transition Incyte into a successful commercial company with sufficient resources to continue to advance other promising compounds in our pipeline. Additionally, the appreciation from Novartis for INCB18424’s potential to treat the unmet patient need in myelofibrosis and other cancers, and their proven success in rapidly commercializing new targeted oncology treatments, were determining factors in our decision to choose Novartis as our collaborative partner,” Paul A. Friedman, Incyte’s president and CEO stated in the press release.

Per the agreement, Novartis will make an initial payment of $150 million to Incyte, as well as an immediate $60 million milestone payment for the launch of the European phase III trial of INCB18424, COMFORT-II, that began in July of this year.