Incyte Corp (NASDAQ:INCY) announced that it has signed a collaboration and license agreement with Novartis (NYSE: NVS) for two of its investigational haematology and oncology therapies. Novartis could end up paying $1.1 billion in total under the pact if milestones are reached. Novartis will pay $150 million to Incyte up front, with an immediate $60 million in milestone payment on top of that for its phase III European trial of the myelofibrosis therapy which commenced in July. Shares had been up over 15% earlier this morning. At 8:26 AM EST shares are up 11.2% at $8.59 on almost 700,000 shares. The 52-week trading range is $1.96 – $8.32 and the average daily volume is 2.9 million shares. Call that a 52-week high.
JON OGG
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