Novartis in-licenses Incyte compounds

Incyte Corp. (NASDAQ:INCY) was up $0.74 (10%) to $8.46 on Wednesday after granting Novartis AG (NYSE:NVS; SIX:NOVN) rights to develop and commercialize two cancer compounds. Novartis received ex-U.S. rights to develop and commercialize Incyte's lead compound, oral INCB18424. The Janus kinase-1 (JAK-1) and JAK-2 inhibitor is in Phase III testing to treat myelofibrosis and Phase II testing to treat advanced polycythemia vera and essential thrombocythemia. Incyte retained rights to topical INCB18424, which is in Phase IIb testing for psoriasis. ...