Pharma BD Deal Intelligence
Incyte (Nasdaq: INCY) acquired Escient Pharmaceuticals for $750 million plus Escient's net cash at close, announced April 23, 2024 and completed May 30, 2024. The deal brought Incyte two first-in-class oral Mas-related G protein-coupled receptor (MRGPR) antagonists: EP262 (MRGPRX2; INCB000262) for chronic urticaria and atopic dermatitis, and EP547 (MRGPRX4; INCB000547) for cholestatic and uremic pruritus -- anchoring Incyte's Inflammation & Autoimmunity pipeline. POST-CLOSE OUTCOME: on November 18, 2024, roughly six months after closing, Incyte announced both acquired lead programs had stalled. It discontinued EP547/MRGPRX4 in cholestatic pruritus after Phase 2 data did not support further development (an efficacy failure), and paused enrollment in the Phase 2 CALM-CSU study of EP262/MRGPRX2 in chronic spontaneous urticaria following in vivo preclinical toxicology findings, electing to work with the FDA on next steps while data from completed proof-of-concept studies and potential back-up molecules inform future development. The $750M outlay was upfront cash, so the impairment of both dealt-for assets materially weakened the near-term value of the acquisition.