Incyte Plans Delaware Expansion to Reunite Commercial and Medical Teams

Incyte Corporation is set for a significant expansion as it plans to open a new building on King Street in Wilmington, Delaware, by 2026. This new establishment will accommodate over 400 employees, including those from its U.S. oncology and dermatology teams, marking an important step in the company's growth journey.

Incyte's latest move involves purchasing buildings at 1100 North King Street and 1100 North French Street in downtown Wilmington, where the company first established its operations in 2002. This acquisition signifies Incyte's fourth expansion in Delaware over the past decade. The new King Street facility will centralize the operations of various U.S.-based teams currently dispersed across different locations, including Chadds Ford, Pennsylvania.

The new site will not only support the U.S. oncology and dermatology teams but also house global corporate employees who are presently working at another Wilmington site. Meanwhile, Incyte's research and development (R&D) and technical operations teams will remain at their current Wilmington location. The North French Street building will be reserved for future expansion needs.

Incyte has experienced notable growth recently, driven by the success of its JAK inhibitors, Jakafi and Opzelura. This momentum has been reflected in the company's recent financial achievements. For the first time, in the fourth quarter of 2023, Incyte surpassed the $1 billion revenue mark in a single earnings period. Analysts attribute this financial milestone to the strong market performance of the JAK inhibitor cream, Opzelura.

In early February, Incyte announced a $25 million deal to acquire full global rights to Monjuvi, an FDA-approved anti-CD19 antibody from MorphoSys. Monjuvi is used to treat certain patients with relapsed or refractory diffuse large B cell lymphoma. This acquisition is expected to further bolster Incyte's portfolio and commercial capabilities.

In addition to these strategic acquisitions, Incyte has made a significant investment in San Diego-based biotech Escient Pharmaceuticals. The $750 million deal, expected to close in the third quarter of 2024, will provide Incyte with new immunology and inflammation candidates. Escient's lead candidate, EP262, is targeted at multiple inflammatory skin conditions. Another promising asset, EP547, is undergoing two phase 1 clinical trials to address itching associated with kidney and liver diseases.

If the acquisition of Escient proceeds as planned, Incyte anticipates launching new commercial products by 2029. Hervé Hoppenot, Incyte's CEO, expressed optimism about the company's future growth prospects linked to this acquisition.

Overall, Incyte Corporation’s strategic moves and expansions underscore its commitment to growth and innovation. By consolidating its U.S. teams and expanding its portfolio with significant acquisitions, Incyte is well-positioned to continue its upward trajectory in the pharmaceutical industry. The new Wilmington facility is a testament to Incyte's investment in its future and its dedication to advancing healthcare solutions.