Shots:

• Syndax to receive $117M up front- $35M as an equity investment at $24.62/share representing a premium of 31% to a closing price of $18.80- $450M in regulatory- development & commercial milestone along with royalties on Ex-US sales. Both companies will take part in a 50:50 US profit share
• Incyte will lead the global commercial activities of axatilimab across all indications. Syndax holds an option to co-promote in the US
• The companies will share development costs at a rate of 55% (Incyte) & 45% (Syndax). The P-II AGAVE-201 trial results are expected in 2023 & both companies plan to expand the development of axatilimab in cGVHD with additional monothx. & combination trials in 2022

  | Ref: Incyte | Image: List 23