Piper likes Incyte’s Escient acquisition, looking for more deals

After Incyte announced an agreement to acquire and Escient Pharmaceuticals and its assets for $750M plus Escient’s net cash remaining at the close of the transaction, Piper Sandler said the firm likes the deal and sees “a clear strategic fit” with Incyte’s existing dermatology and inflammation pipeline. While the firm believes many investors were looking for a transaction to bring in something later-stage that can contribute to top-line growth ahead of Jakafi’s late-2028 loss of exclusivity, the firm likes the commentary that the company remains open to additional and larger acquisitions, adding “the sooner, the better.” Piper maintains an Overweight rating and $85 price target on Incyte shares.