XML 34 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2
Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events
Villaris
In October 2022, we announced that we entered into an agreement to acquire Villaris Therapeutics, Inc. ("Villaris"), a biopharmaceutical company focused on the development of novel antibody therapeutics for vitiligo. Under the terms of the agreement, Incyte will acquire Villaris and the exclusive global rights to develop and commercialize auremolimab (VM6), an anti-IL-15Rβ monoclonal antibody, for all uses, including in vitiligo and other autoimmune and inflammatory diseases. Upon effectiveness of the agreement, Incyte will make an upfront payment of $70.0 million, and Villaris shareholders will be eligible for up to $310.0 million upon achievement of certain development and regulatory milestones, as well as up to an additional $1.05 billion in commercial milestones on net sales of the product. The agreement is subject to clearance by the U.S. antitrust authorities under the Hart-Scott-Rodino Act and will become effective as soon as this condition has been met.