Does razor's static link reduce damage from Ursa's Fury Swipes?

So say Ursa has 100 basic physical damage, and level 4 Fury Swipes (so adding 30 damage per attack), and say Razor uses his static link on Ursa for a few seconds and drains, for the sake of this example, 200 damage.

When Ursa right clicks Razor, Razor will not suffer the 100 basic damage, but does the 30 extra damage per attack still apply? Or does it still stack and then apply one it's exceeded the drained damage i.e. the first attack will add 30 damage (so 130 total, still less than 200 drained so no damage applied), the second will add 60, the third 90, and then the fourth will add 120, meaning 220 damage total, meaning razor will suffer 20 damage (to be diminished by armour etc)?