Incyte Corporation (NASDAQ:INCY) Stocks Hits 52-week high on Collaboration Deal

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Shares of Incyte Corporation (NASDAQ:INCY) surged 5% to $8.91 after making a new 52-week high of $9.00.

Eli Lilly and Company and Incyte Corp. entered into an exclusive worldwide license and collaboration agreement for the development and commercialization of Incyte's oral JAK1/JAK2 inhibitor, INCB28050, and certain follow on compounds, for inflammatory and autoimmune diseases.

As a result of this transaction, Lilly expects to incur a charge to earnings in the fourth quarter of 2009 of about $.05 per share. Also, the company reaffirmed its full-year 2009 earnings per share view of $3.90 - $4.00 per share on a reported basis, or $4.30 - $4.40 per share on a pro forma non-GAAP basis.

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