Tuesday, Incyte Corporation (NASDAQ:INCY) agreed to acquire Escient Pharmaceuticals for $750 million.
Escient’s pipeline includes EP262, a small molecule antagonist of Mas-related G protein-coupled receptor X2 (MRGPRX2), and EP547, a first-in-class oral MRGPRX4 antagonist.
“EP262 and EP547 are complementary additions to our portfolio, providing an opportunity to leverage our expertise, address the needs of patients with inflammatory diseases, and additional potential launch opportunities starting in 2029,” said Hervé Hoppenot, Incyte’s CEO.
With this update, Cantor Fitzgerald has initiated coverage on Incyte with a Neutral rating.
The Cantor analyst suggests that Incyte’s shares are undervalued primarily due to the cash and expected cash flow from Jakafi and Opzelura but expresses reservations about the company’s pipeline prospects.
However, Incyte’s stock has declined by 31% in the past year due to concerns about the 2029 ...Full story available on Benzinga.com
Related tickers: MOR, INCY.
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