December 21, 2016 / 12:21 PM / 7 months ago

BRIEF-Incyte and Merus announce global strategic research collaboration

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Dec 21 (Reuters) - Incyte Corp

* Incyte and Merus announce global strategic research collaboration to discover and develop bispecific antibodies

* Incyte to make up-front payment of $120 million and purchase $80 million of Merus common shares

* Merus eligible to receive potential development, regulatory and commercial milestones and sales royalties

* Parties have agreed to collaborate on development and commercialization of up to 11 bispecific antibody programs

* Merus will retain all rights to develop and commercialize approved products in united states

* Merus also has option to co-fund development of product candidates arising from two other programs

* Incyte - for eight programs merus to be eligible to get potential development, regulatory and sales milestone payments of up to $350 million per program

* Incyte will develop and commercialize approved products arising from program outside united states

* For eight programs Incyte has agreed to independently fund all development and commercialization activities

* Merus also eligible to receive tiered royalties ranging from 6 to 10 percent on global sales of approved products under 8 programs Source text for Eikon: Further company coverage:

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