Incyte Corporation (NasdaqGS:INCY) entered into a definitive agreement to acquire Escient Pharmaceuticals, Inc. from a group of shareholders for $750 million on April 23, 2024. Under the terms of the agreement, Incyte will acquire Escient and its assets for $750 million plus Escient?s net cash remaining at the close of the transaction, subject to customary adjustments. The acquisition is subject to clearance under the Hart-Scott-Rodino Act, among other customary conditions, and will become effective promptly following the satisfaction or waiver of these conditions. Transacton closing is expected by 3Q 2024. Transaction will have limited impact on 2024 R&D expenses.

Centerview Partners LLC and Goldman Sachs & Co. LLC acted as financial advisor to advised to Escient on the transaction and Effie Toshav, David Michaels, Jeremy Delman, Nick Dugas, Stefano Quintini, Key Shin, Sandra Weustink, Taylor Muentener; Marshall Mort, Ana Razmazma, Tom Ensign, Jennifer Yoo and Mike Knobler of Fenwick & West LLP acted as legal counsel for Escient. Covington & Burling LLP acted as legal counsel for Incyte.