Subsequent events

3 Months Ended

Mar. 31, 2013

Subsequent events

Subsequent events

11.     Subsequent events

In April 2013, the Company entered into a contingent new 15 year facility lease agreement for approximately 190,000 square feet of laboratory and office space in Wilmington, Delaware. The lease agreement is conditioned on a number of contingencies that must be resolved prior to the lease agreement becoming effective, including the landlord’s ability to design the build-out of the facility based on a targeted construction budget.  Should the lease agreement become effective, the Company expects the facility to be available for occupancy in the first half of 2014.

In April 2013, the Company entered into a grant agreement with the state of Delaware under which the Company is entitled to receive a grant of up to approximately $11.0 million in connection with the retention and expansion of its workforce in the state of Delaware.  The Company expects to receive the proceeds for this grant by the end of 2013.

In April 2013, the Company announced that it has earned a $25.0 million milestone payment from Novartis based on the formal initiation of a Phase II clinical trial evaluating c-MET inhibitor INCB28060 as monotherapy in patients with advanced hepatocellular carcinoma. The Company expects the $25.0 million milestone will be recognized as revenue and received in cash during the second quarter of 2013.