Incyte plots Delaware expansion as it looks to re-wed commercial, medical teams in its home state

21 May 2024
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Deals
www.fiercepharma.com
AcquisitionPhase 1Immunotherapy
Incyte plots Delaware expansion as it looks to re-wed commercial, medical teams in its home state
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Source: FiercePharma
Incyte Corporation's new building on King Street in Wilmington, Delaware, is expected to open its doors in 2026 and will support at least 400 employees, including those from the company’s U.S. oncology and dermatology teams.
As Incyte Corporation continues its growth momentum thanks to JAK inhibitorsJAK inhibitors Jakafi and Opzelura, the company is bringing its U.S. teams back to the nest with a new expansion in the Blue Hen State.
Incyte on Tuesday revealed plans to purchase buildings at 1100 North King Street and 1100 North French Street in downtown Wilmington, Delaware, where the company got its start back in 2002.
The deal, which marks Incyte’s fourth expansion in Delaware in the last decade, will allow the company’s U.S.-based teams to work together from the same location as they continue to help chart the drugmaker’s growth journey, Incyte said in a release.
The new building on King Street is expected to open its doors in 2026 and will support at least 400 employees, including those from Incyte’s U.S. oncology and dermatology teams who currently operate out of Chadds Ford, Pennsylvania. The new location will also house global corporate employees who work at a different site in Wilmington.
Incyte’s R&D and technical operations teams, meanwhile, will continue to hold down the fort at their current Wilmington location as the North French Street building will be set aside for a future expansion.
On the growth front, Incyte has been on a roll in recent months.
In early February, the company unveiled a $25 million deal to get its hands on full global rights to MorphoSys’ FDA-approved anti-CD19 antibody Monjuvi, which boasts a green light to treat certain patients with relapsed or refractory diffuse large B cell lymphoma.
Meanwhile, 2023’s fourth quarter marked the first time Incyte crossed the $1 billion revenue threshold over a single earnings period, with analysts earlier this year attributing the company’s success to the strong momentum behind its JAK inhibitorJAK inhibitor cream Opzelura.
Beyond the commercial frontier, Incyte in April threw down $750 million to acquire San Diego-based biotech Escient Pharmaceuticals. The play for Escient, which is expected to close in 2024’s third quarter, will equip Incyte with immunology and inflammation candidates led by EP262 in multiple inflammatory skin conditions. The second Escient asset, EP547, is in two phase 1 trials to treat itching associated with kidney and liver diseases.
If all goes to plan with the Escient buyout, Incyte could be looking at new commercial launch prospects in 2029, the company's CEO, Hervé Hoppenot, said in a statement at the time of the deal.
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