Acquisition Of Star Therapeutics Adds Ph3 Heme Asset

研报英文原文证据摘录

Acquisition Of Star Therapeutics Adds Ph3 Heme Asset

TD Cowen Incyte

Global Research June 8, 2026

longer-term Ph3 dataset and ultimately commercial use to more fully derisk this theoretical

risk.

Pivotal VIVID-6 Is Ongoing And Appears De-Risked

In October 2025, the Ph3 open-label VIVID-6 trial was initiated, which is expected to read

out in early 2029. Given the strength of the Ph 1 bleeding data and unmet need in VWD, we

think the trial has relatively low clinical efficacy risk and commercial risk. The improved

convenience associated with Q4W SC dosing vs 1-3x/week IV administration of rVWF will also

be highly attractive.

Cont'd..

As a result, we view the primary risk to '039's success as the theoretical risk of rare clotting

events in larger trials.

Assuming improved efficacy (including demonstrated in switch patients) convenience, and

clean safety is confirmed in Ph3, Incyte believes it cannot only capture the majority of the

2K U.S. patients already receiving IV prophylactic therapy but grow the prophylactic market

as KOLs suggest as many as 10K VWD patients would be eligible and amenable to monthly

SC prophylaxis. With expected pricing similar to hemophilia agents ($500K-$1MM+/year)

and assumed chronic administration, $1B in global peak sales appears achievable if not

conservative.

The News: Incyte Enters Agreement To Acquire Vega Therapeutics, The Wholly Owned

Subsidiary Of Star Therapeutics

This morning Incyte announced it has entered into a definitive agreement to acquire Vega

Therapeutics (Star Therapeutics) for up to $2.0B, including $1.25B upfront and up to $750MM

in sales-based milestones. The transaction brings VGA039, a Phase 3 monoclonal antibody

targeting Protein S, into Incyte’s hematology pipeline. VGA039 has demonstrated safety