RapidEye Incyte (NASDAQ: INCY) has announced an agreement to acquire Escient Pharmaceuticals, a privately held biotech focused on developing small-molecule drugs for immune and neuro-immune disorders. Under the terms of the deal, Incyte will pay $750 million plus Escient’s net cash to acquire the San Diego, California-based company. The transaction is expected to conclude by the third quarter of 2024, subject to customary closing conditions.
Once the buyout is complete, Incyte will take ownership of Escient’s portfolio, including its leading compounds, EP262 and EP547, targeted at MRGPRX2, a receptor expressed on mast cells. EP262 is currently undergoing a mid-stage trial for chronic spontaneous urticaria, an allergic skin condition.
“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, CEO of Incyte.
Incyte is a leading biopharmaceutical company focused on discovering, developing, and commercializing innovative therapies for serious unmet medical needs. The company’s portfolio includes approved therapies for various types of cancer and autoimmune diseases, and it has a robust pipeline of investigational therapies in development for a range of indications. With this acquisition, Incyte aims to further strengthen its position in the immunology space and expand its pipeline of potential therapies for inflammatory diseases.
