Innovent Biologics and Incyte have entered into a strategic collaboration agreement for three clinical-stage product candidates discovered and developed by Delaware-based Incyte.
China-based Innovent will receive rights to develop and commercialize three product candidates (pemigatinib, itacitinib and parsaclisib) in hematology and oncology in Mainland China, Hong Kong, Macau and Taiwan.
"This collaboration not only strengthens our portfolio by adding three potentially best-in-class clinical-stage targeted therapies, but, we believe, also proves that Innovent is an ideal partner for world-class pharmaceutical companies coming to China—transforming Innovent from a company primarily focused on monoclonal antibodies to one with a broader oncology focus that develops potentially innovative treatments regardless of molecule size," said Michael DC Yu., Ph.D., Chief Executive Officer and President of Innovent.
As per the terms of the agreement, Innovent will pay Incyte US$40 million in cash up front, and Incyte will be eligible to receive an additional $20 million in consideration in connection with the first investigational new drug (IND) application by Innovent in China, which is expected to be achieved in 2019.
Read the press release