EP-262

iStock, rudall30 Incyte is acquiring Vega Therapeutics, a subsidiary of Star Therapeutics, for a bleeding disorder program that analysts say has “pipeline-in-a-product” potential. Incyte is adding a star to its constellation of hematology assets with the acquisition of Vega Therapeutics for up to $2 billion. Vega, a subsidiary of Star Therapeutics, will bring VGA039, a monocolonal antibody in Phase 3 development for the bleeding disorder von Willebrand disease (VWD). Incyte is paying Star $1.25 billion up front, plus $750 million in potential milestones. The deal is expected to close in the third quarter. Beyond Vega, Star has three other programs in Phase 3 development, according to the release . VGA039 was Star’s lead program and recently secured the FDA’s rare pediatric disease and breakthrough therapy designations in VWD. The ongoing trial, called VIVID-6, includes patients with all types of the disorder, even those with a more severe case. Early data from just three patients presented in December 2024 showed a substantial reduction in annualized bleeding rate, matching currently approved treatments for VWD. VWD is the initial indication for the program, but Incyte believes the asset could have value in other bleeding disorders as well. The drug modulates Protein S and is thought to improve the body’s ability to control bleeding. Truist Securities said in a Monday morning note that the VWD indication could reach about 135,000 patients, but the company sees a peak opportunity of $1 billion in 2036. BMO Capital Markets analysts, responding to rumors of the buyout over the weekend, called VGA039 a “pipeline in a product” that could improve on the standard of care therapies, such as Takeda’s Vonvendi. While VWD is a smaller patient population, the drug could find more patients in hemophilia A/B/C, according to BMO. Incyte last executed an acquisition in May 2024, buying inflammation and immunology biotech Escient Pharmaceuticals for $750 million. That deal became a drag a few months later when preclinical data revealed toxicology concerns for INCB000262, which has since been removed from the pipeline. VGA039 will tuck into Incyte’s hematology portfolio, which includes therapies like Jakafi for myelofibrosis, polycythemia vera and graft-versus-host disease. The potential $1 billion in sales from the Vega program could “fill [the] post-Jakafi gap in a piecemeal fashion,” Truist wrote. “In our view, this possible deal is a meaningful step in the right direction as CEO Meury works to right the ship and bolster the company’s pipeline ahead of Jakafi’s LOE,” BMO said on Sunday prior to the deal announcement. “VGA039 fits directly into our strategy of building a top-tier growth company for the future,” Bill Meury, CEO of Incyte, said in a statement Monday. “It is a first-in-class, Phase 3 asset with compelling early data, a manageable development path and the potential to become an important new growth driver in one of our core therapeutic areas—hematology. The transaction has all of the attributes we look for in business development opportunities.” Meury took the helm in 2025 with a mandate to find new growth drivers as hematology blockbuster Jafaki approaches a patent cliff in 2028. Prior to the Vega deal, Incyte had $4 billion in cash on hand, according to BMO, leaving plenty of dry powder for deals. Earlier this year, Meury indicated a desire to deal. “Coming away, we are more positive on Incyte and Mr. Meury’s leadership given clear strategic savvy,” BMO said.