Epacadostat's Failure Is a Blow to Incyte; Merck's Broader IO Strategy Offers Protection
Merck and Incyte announced that the phase 3 Echo-301/Keynote-252 study of epacadostat in combination with Keytruda in metastatic melanoma has failed, with the combination unable to improve progression-free survival over Keytruda alone and unlikely to improve overall survival as well. With a hazard ratio of 1.00 (no trend toward a benefit), the companies are halting the study. We expect this to have a significant impact on our fair value estimate for Incyte, as we’ve previously pointed to epacado...Incyte is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. JAKAFI (ruxolitinib) has been approved for the treatment of patients with intermediate or high-risk myelofibrosis, for the treatment of patients with polycythemia vera, and for the treatment of steroid-refractory acute graft-versus-host disease in adult and pediatric patients 12 years and older. The company has also obtained a license to develop and commercialize ICLUSIG (ponatinib) in Europe and other select countries. In the European Union, ICLUSIG is approved for the treatment of adult patients with chronic phase, accelerated phase or blast phase chronic myeloid leukemia.
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