Hot takeover rumors about Incyte - fresh speculation is driving. $INCY (+0,21 %)
Incyte. The name of the US biotech company based in Wilmington (Delaware) has repeatedly been mentioned in connection with takeover speculation in the industry. On Wednesday, the rumors surrounding the company were given new impetus. The Swiss pharmaceutical giant Novartis is said to be among the interested parties.
As the Swiss business newspaper Finanz und Wirtschaft (FuW) reported, Incyte had granted power of attorney to five lawyers in Germany in September, further fueling the speculation. The paper has heard that Novartis may also be interested in Incyte.
The biopharmaceutical giants Gilead and Merck & Co have also been mentioned in connection with a potential interest in Incyte. The potential acquisition target currently has a market capitalization of over 14 billion dollars and has already led to the approval of several products, primarily in the fields of haematology and oncology. These include the cancer drug Monjuvi, which Incyte developed together with the German biotech company Morphosys. And here we have come full circle: Novartis again swallowed Morphosys this year. However, the Swiss pharmaceutical giant recently had to make a massive write-down on the acquisition
Following the renewed takeover speculation, Incyte shares have gained almost three percent in value. Novartis shares, on the other hand, are at the bottom of the SMI, Switzerland's most important share index, with a drop of around three percent.
If the takeover rumors are confirmed, Incyte's share price could continue to rise. The biotech stock has already built up some strength in recent weeks.
