) received a $25 million milestone payment from partner,
) for the Japanese approval of Jakavi (U.S. trade name Jakafi) for
the treatment of patients suffering from myelofibrosis (MF).
Incyte has a collaboration agreement with Novartis (NVS) to market
Jakafi outside the U.S. Jakafi was launched in the U.S. in Nov
2011, for treating patients suffering from intermediate or
high-risk MF. The drug has also been approved by the European
Commission to treat adults suffering from primary MF,
post-polycythemia vera MF or post-essential thrombocythemia MF.
Novartis is working on gaining formal pricing and reimbursement
approval for Jakavi in EU countries. Such approvals will trigger
further milestone payments to Incyte.
Incyte is also looking to get Jakafi approved in additional
indications. Last month, the company announced encouraging results
from its phase III RESPONSE trial on Jakafi for the polycythemia
vera (PV) indication. Incyte will file for Jakafi approval for the
PV indication in the U.S. based on results from this trial very
Jakafi contributed around $69.7 million to Incyte's top line in the
first quarter 2014, representing an increase of 44% from the
year-ago quarter. We are encouraged by Incyte's progress with
Jakafi. Successful label expansion of the drug will boost sales.
Incyte, a biopharmaceutical company, currently carries a Zacks Rank
#2 (Buy). Some better-ranked stocks in the sector include
Synergy Pharmaceuticals, Inc.
). Both these stocks carry a Zacks Rank #1 (Strong Buy).
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