On January 23, 2015 Incyte reported that it has earned a $25 million milestone payment from Novartis (Press release Incyte, JAN 23, 2015, View Source [SID:1234501376]). This payment was triggered by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopting a positive opinion for Jakavi (ruxolitinib) for the treatment of adult patients with polycythemia vera (PV) who are resistant to or intolerant of hydroxyurea. Incyte expects to record this amount as contract revenue, and receive the $25 million payment, in the first quarter of 2015.

“We are very pleased with the progress that Novartis has made in the global development and commercialization of Jakavi,” stated Hervé Hoppenot, President and Chief Executive Officer of Incyte. “This recommendation for approval in Europe, the second indication for Jakavi and many months ahead of schedule, is further evidence that our innovative scientific advances can offer significant benefit to patients.”

Under the Incyte-Novartis Collaboration and License Agreement signed in 2009, Novartis received exclusive development and commercialization rights to ruxolitinib outside of the United States for all hematologic and oncologic indications, and sells ruxolitinib under the name Jakavi. Ruxolitinib is marketed by Incyte in the United States as Jakafi (ruxolitinib).