Incyte Corp. (INCY) announced Tuesday its agreement to acquire Escient Pharmaceuticals and its assets for $750 million plus its net cash remaining at the deal closure, subject to customary adjustments.
The acquisition is subject to clearance under the Hart-Scott-Rodino Act, among other customary conditions. The deal will become effective promptly following the satisfaction or waiver of these conditions which is currently anticipated to be by the third quarter of 2024.
Incyte said the acquisition will include EP262, a first-in-class, potent, highly selective, once-daily small molecule antagonist of Mas-related G protein-coupled receptor X2 or MRGPRX2, and EP547, a first-in-class oral MRGPRX4 antagonist.
Herve Hoppenot, Chief Executive Officer, Incyte, said, "This acquisition builds on our strategy to develop differentiated and first-in-class medicines with high potential. 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."
In the deal, Centerview Partners LLC and Goldman Sachs & Co. LLC advised Escient and Fenwick & West LLP acted as legal counsel, while Covington & Burling LLP acted as legal counsel for Incyte.
In pre-market activity on the Nasdaq, Incyte shares were gaining around 1.3 percent to trade at $52.60.
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