Incyte (NASDAQ:INCY) has bought the global commercialization rights to the drug tafasitamab, also known as Monjuvi, from partner MorphoSys (NASDAQ:MOR) for $25M.
Incyte announced the deal soon after Novartis (NYSE:NVS) said that it had agreed to buy MorphoSys for EUR 2.7B.
Under the deal, Incyte will acquire exclusive global development and commercialization rights to tafasitamab, with Incyte now recognizing all US revenue and costs for the drug. MorphoSys will no longer be eligible to receive milestone payments, profit splits or royalty payments associated with the product.
Incyte already had exclusive rights to tafasitamab outside the US, where it is known as Minjuvi. The companies had been sharing costs for development and commercialization of the product in the US, according to a statement.
Tafasitamab received accelerated FDA approval for the treatment of diffuse large B-cell lymphoma in combination with lenalidomide. A confirmation trial may be needed for continued approval. The product also has conditional approval in Europe.
MorphoSys licensed exclusive worldwide rights to develop and commercialize tafasitamab from Xencor (NASDAQ:XNCR) in 2010.