Incyte (INCY) said Wednesday that it has agreed to pay $280 million to resolve a royalty payments dispute with Novartis (NVS) Pharma over net sales of Jakafi in the US.
Under the settlement agreement, the companies also agreed to reduce the royalty rate payable by Incyte to Novartis by 50% on Jakafi net sales in the US, starting Jan. 1, 2025, according to a filing by Incyte.
Incyte said it had $537.1 million of accrued royalties related to its dispute with Novartis as of March 31.
Shares of Incyte and Novartis were down 1.1% and 0.5%, respectively, in recent trading.
Price: 60.13, Change: -0.69, Percent Change: -1.13
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