Incyte agreed to pay $1.25 billion upfront to acquire Star Therapeutics’ subsidiary Vega Therapeutics, including a phase 3 bleeding-disorder candidate. Incyte said it will also pay $750 million contingent on milestones, positioning the asset to strengthen its late-phase constellation. The company framed the purchase as a strategic response to looming patent expirations tied to Jakafi in 2028, as it seeks additional product opportunities to maintain growth after loss of exclusivity. The package is structured around both upfront consideration and milestone-based payments. The deal reinforces the sector’s ongoing late-stage consolidation, as companies compete to replace franchise revenue and extend commercialization pipelines in hematology and immune-mediated indications.