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SINGAPORE - Specialised Therapeutics (ST) has expanded its distribution agreement with Incyte Biosciences International Sàrl (NASDAQ:INCY) to include two additional oncology medicines in Australia, New Zealand and Singapore, according to a press release issued Thursday. Incyte, with a market capitalization of $13.3 billion and strong financial health according to InvestingPro analysis, has demonstrated solid revenue growth of 17% over the last twelve months.
The expanded partnership adds axatilimab (marketed as Niktimvo in the U.S.) and retifanlimab (marketed as Zynyz in the U.S. and EU) to ST’s existing portfolio of Incyte products, which already includes Minjuvi (tafasitamab) and Pemazyre (pemigatinib). Based on InvestingPro’s Fair Value analysis, Incyte appears to be trading near its fair value, with strong liquidity metrics showing the company holds more cash than debt on its balance sheet.
Under the agreement, Incyte (NASDAQ:INCY) will handle development and manufacturing of the medicines, while ST will manage regulatory approval, distribution, marketing and medical affairs in the region.
Axatilimab is a first-in-class antibody approved in the U.S. for treating chronic graft-versus-host disease in patients who have received at least two prior treatments. Retifanlimab is an immune checkpoint inhibitor approved for squamous cell carcinoma of the anal canal and Merkel cell carcinoma, a rare skin cancer with particularly high incidence in Australia.
ST anticipates submitting both medications for regional regulatory and reimbursement approval in 2025.
"The addition of axatilimab and retifanlimab to the partnership agreement with Incyte recognizes our strong track record of working with local stakeholders to bring innovative medicines to patients where unmet medical needs persist," said Carlo Montagner, ST Chief Executive Officer.
Hervé Hoppenot, Incyte CEO, noted that ST has "demonstrated its ability to navigate complex regional regulatory pathways" for the companies’ existing partnership products.
The agreement includes an option to expand distribution to additional countries in the Asia-Pacific region. For investors seeking deeper insights into Incyte’s financial health and growth prospects, InvestingPro offers comprehensive analysis with 13 additional ProTips and detailed metrics in its Pro Research Report, available for over 1,400 US stocks.
In other recent news, Incyte Corporation announced that stockholders approved amendments to its stock incentive and employee stock purchase plans. These amendments include an increase in available shares and an extension of the termination date for the stock incentive plan. Additionally, the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for fiscal year 2025 was ratified. UBS maintained a neutral rating on Incyte, noting that investor interest is focused on the potential progression of the mCALR program, pending FDA discussions. Stifel also maintained a hold rating, citing incremental data on drug candidates and ongoing safety concerns. TD Cowen reiterated a buy rating, emphasizing promising early data from the mCALR study in essential thrombocythemia, with significant improvements in platelet counts. Meanwhile, JPMorgan upheld its neutral rating, highlighting initial data from a phase I trial for mCALR in essential thrombocythemia, with further details expected at an upcoming investor event. These developments reflect ongoing evaluations and strategic decisions impacting Incyte’s operations and future prospects.
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