Prelude Therapeutics Inc. has announced an exclusive option agreement with Incyte for its mutant selective JAK2V617F JH2 inhibitor program, which is being developed for patients with myeloproliferative neoplasms (MPNs). Under the terms of the agreement, Incyte will pay Prelude $35 million upfront and make a $25 million equity investment by purchasing 6.25 million shares of Prelude non-voting common stock at $4.00 per share. Prelude will continue to develop the JAK2V617F program during the option period. If Incyte exercises its option to acquire the program, Prelude will receive an additional $100 million and may be eligible for up to $775 million in potential milestone payments, as well as royalties on net sales. If the option is exercised, Incyte will assume responsibility for the global development and commercialization of the program.