Incyte Corporation, Wilmington, has earned a $25 million milestone payment from Novartis based on the formal initiation of a Phase II clinical trial evaluating c-MET inhibitor for fighting tumors in patients with an advanced form of cancer.
The Phase II trial is being conducted by Novartis as part of a Collaboration and License Agreement. Novartis received worldwide exclusive development and commercialization rights to rights to certain back-up compounds.
Incyte has the option to co-develop the compound in the United States.
Incyte Corporation is a Delaware-based biopharmaceutical company focused on the discovery, development and commercialization of proprietary small molecule drugs for oncology and inflammation.
For additional information on Incyte, please visit the company’s website at www.incyte.com.
