WILMINGTON, DE — Prelude Therapeutics Incorporated (Nasdaq: PRLD) has entered into an exclusive option agreement with Incyte Corporation (Nasdaq: INCY) for its mutant-selective JAK2V617F JH2 inhibitor program, a next-generation therapy targeting the key genetic driver of myeloproliferative neoplasms (MPNs). The deal could be worth up to $910 million, plus royalties, if fully executed.
Under the terms, Prelude will receive $60 million upfront — consisting of a $35 million cash payment and a $25 million strategic equity investment from Incyte. The agreement grants Incyte an exclusive option to acquire Prelude’s JAK2V617F program, including its library of preclinical candidates, for an additional $100 million if the option is exercised. Prelude could also earn up to $775 million in clinical and regulatory milestones, as well as single-digit royalties on future global sales.
“We’re pleased to put this agreement in place with Incyte, recognized global leaders in the MPN field,” said Kris Vaddi, Ph.D., Chief Executive Officer of Prelude Therapeutics. “Our research team made significant progress discovering the first known inhibitors that bind into the JAK2 JH2 ‘deep pocket’ where the V617F mutation resides. These potent and orally bioavailable compounds demonstrate mutant-specific inhibition and the potential for disease modification in multiple preclinical models of MPNs. Today’s agreement provides us with the capital needed to advance our JAK2V617F program while also supporting the growth of our broader pipeline.”
Bill Meury, President and Chief Executive Officer of Incyte, said the deal fits within the company’s long-term growth strategy. “The agreement with Prelude provides an opportunity to enhance our robust portfolio of clinical and preclinical JAK2V617F candidates for patients with MPNs,” Meury said. “This transaction aligns with our strategy to develop new and innovative therapies poised to make a meaningful difference for patients.”
Prelude will continue developing the JAK2V617F program during the option period. If Incyte exercises its option, it would assume global responsibility for further development and commercialization. Should Incyte decline, all rights to the program would remain with Prelude.
The JAK2V617F mutation drives disease progression in most MPN patients — found in about 95% of polycythemia vera cases, 60% of essential thrombocythemia patients, and more than half of myelofibrosis cases. Prelude’s inhibitors, which selectively target cells carrying the mutation, represent a potential breakthrough in disease-modifying therapy for MPNs.
Prelude’s preclinical data, highlighting the first inhibitors to bind the JAK2 JH2 “deep pocket,” will be presented in an oral session at the American Society of Hematology (ASH) 67th Annual Meeting in Orlando, Florida, December 6–9, 2025.
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