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New Incyte CEO fuels M&A speculation, says RBC Capital

Incyte (INCY) announced the immediate retirement of CEO Herve Hoppenot, with Bill Meury, former CEO of Anthos and Karuna (KRTX), stepping in as his successor, RBC Capital tells investors in a research note. Investors may speculate that Incyte could become an M&A target given Meury’s history of high-profile biotech sales, though Incyte’s commercial-stage profile and looming Jakafi patent cliff, which could cut earnings by 76% by decade’s end, may limit that potential, but Meury’s experience is seen as a positive for Incyte’s strategic direction, the firm says. RBC Capital has a Sector Perform rating and $67 price target on Incyte shares.

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