Days After a Shocking Cancer Failure, Incyte Goes Back to Work
- In interview, CEO Hoppenot talks about risks of going first
- ‘Every scientific story has all kinds of twists and turns’
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Four days after Incyte Corp.’s once-promising cancer drug failed in the most anticipated clinical trial of the year, chemists in the firm’s newly renovated labs were back at work, while other employees milled about the quiet headquarters, perched on a hill above Wilmington, Delaware.
On the previous Friday, Wall Street had fled the stock after the experiment investors hoped would pave the way to a new cancer blockbuster suffered what one investment analyst called “the worst possible outcome.” Incyte’s market valuation dropped by $4 billion in a day, almost a quarter of the company’s market value.