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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