In a Securities and Exchange Commission (SEC) filing last Friday, US oncology focused biotech Syros Pharmaceuticals (Nasdaq: SYRS) disclosed it has received notice from Incyte Corp (Nasdaq: INCY) that it was opting out of a blood cancer treatment collaboration dated January 2018, on novel therapies for myeloproliferative neoplasms. Syros’ shares closed up 1.6% at $3.82 following the announcement, which comes just a couple of weeks after US pharma…

In a Securities and Exchange Commission (SEC) filing last Friday, US oncology focused biotech Syros Pharmaceuticals (Nasdaq: SYRS) disclosed it has received notice from Incyte Corp (Nasdaq: INCY) that it was opting out of a blood cancer treatment collaboration dated January 2018, on novel therapies for myeloproliferative neoplasms.

Syros’ shares closed up 1.6% at $3.82 following the announcement, which comes just a couple of weeks after US pharma giant Pfizer (NYSE: PFE) also terminated a deal with the company.

The termination of the Incyte accord will be effective within 60 days of August 9, 2023.

Incyte elected not to exercise its option rights to any of the identified targets. Incyte previously paid the company $10.0 million in up-front consideration in connection with entering into the agreement.

Syros was also eligible to receive certain target selection milestone payments and option exercise fees if Incyte selected targets for validation and exercised its options to obtain exclusive rights to collaboration intellectual property for therapeutic products directed to validated targets, as well as other potential development, regulatory and commercial milestone payments and low single-digit royalties on net sales for any therapeutic product resulting from the collaboration. Syros will not receive any of these milestone payments or royalties.

Syros recognized $6.3 million in revenue in the second quarter of 2022, consisting of $5.7 million in revenue recognized under Syros’ collaboration with Pfizer and $0.6 million recognized under Syros’ collaboration with Incyte.