Incyte has signed a pact with University of Pennsylvania’s Abramson Cancer Center with a view to collaborating on cancer research. The collaboration will see the two organizations share expertise and knowledge in order to better understand cancer and also make strides in immunotherapy.
“Incyte and Abramson are mutually committed to the advancement of science and improving the lives of patients with cancer. This alliance will allow us to mobilize two groups of leading scientists toward the collective goal of advancing the field of immunotherapy,” the Chief Scientific Officer of Incyte, Reid Huber, said.
Both the Abramson Cancer Center and Incyte will enable their lead scientists and researchers in the fields of immunotherapy and cancer to jointly conduct studies and research. In the course of the two organization’s joint work, financial support to the research programs will be provided by Incyte. The pharmaceutical company may also offer research grants to the researchers from the University of Pennsylvania.
This is not the first time that one of the best biotech stocks is involved in a collaborative partnership. The pharmaceutical company is already involved in a partnership with Merck that will see the latter’s Keytruda used in a combination trial with Incyte’s epacadostat. This will be in the treatment of patients who are suffering from metastatic or advanced melanoma. A report on the first phase of the trial has already been published and all indications are that it is going well.
Big potential in immuno-oncology therapies
In its efforts to succeed in in the immuno-oncology segment of the pharmaceutical sector, Incyte in January forked out $53 million to purchase an inhibitor from Calithera Biosciences which will be useful in making its immuno-oncology therapies more effective.
Last year marked the first time that Incyte recorded annual revenues surpassing one billion dollars when it posted a figure of $1.1 billion. This was attributed to the sterling performance of Jakafi, a drug used in the treatment of two kinds of blood cancers. Jakafi has already received approval for use in both Europe and the U.S.
In the pre-market hours of the U.S. session, shares of Incyte Corporation, one of the best biotech stocks,were unchanged.