INCY Acquisition of Vega Therapeutics

Research evidence excerpt

INCY Acquisition of Vega Therapeutics

Biotechnology - Immunology

FLASH

FLASH: INCYTE CORPORATION (INCY) June 8, 2026

INCY Acquisition of Vega Therapeutics Rating:

OutperformIncyte to acquire Vega Therapeutics & foresees a $1B+ commercial opportunity. Price:

Vega Therapeutics, a wholly owned subsidiary of Star Therapeutics, is to be acquired $102.38

for $1.25B. Star Therapeutics will be eligible for $750M in additional payments upon Price Target:

$129the achievement of sales milestones. The lead asset, VGA039 (first-in-class), is being

% Upside:

developed as a once-monthly subcutaneous injection for the prophylactic treatment of 26.0%

von Willebrand's disease (VWD) in a Phase 3 study, with data expected in early-2029

and a potential launch around the Jakafi LOE. Source: FactSet, Wolfe Research

Priced as of 06/05/26

Notes from the call. Incyte sees low clinical safety risks. Management reviewed

60 patients' worth of data and no relevant evidence of thrombosis adverse events.

Dosing of VGA039 was PD-driven dose selection and is not overshooting thrombin

generation. No evidence of ADA. Incyte's survey work suggests that physician

interest is 'incredibly high' to move away from factor-based prophylaxis because of

Andy Chen, PhD CFA

the onerous profile. There are roughly 150 hemophilia treatment centers, and this achen@wolferesearch.com

program will look similar in size and shape to what they are doing at bone marrow 646-582-9370

View Andy’s Researchtransplant centers. An internal team will monitor the OLE study, but Incyte will be View INCY Model

blinded to the ongoing study data. Pricing expected to be in the $500K range. View Comp Table

Wolfe Incyte acquiring Vega suggests that management is patient with pipeline Brandon Frith