What’s included? Senior Writer, Biotech Adam is STAT’s national biotech columnist, reporting on the intersection of biotech and Wall Street. He’s also a co-host of “The Readout LOUD” podcast. What is it? How bullish are health care investors about the future success of Incyte’s (INCY) IDO inhibitor epacadostat? Depending on who you ask, the cancer immunotherapy accounts for $10 billion to $12 billion of Incyte’s current $27 billion market value. That’s a huge bet on a single drug not yet approved.If epacadostat were a stand-alone company, it would be worth the same as Kite Pharma (KITE), which is being acquired by Gilead Sciences (GILD) for just under $12 billion. Investors value the drug more than Jazz Pharmaceuticals (JAZZ), Seattle Genetics (SGEN), and Exelixis (EXEL), all of which have approved, successfully marketed products. Adam Feuerstein Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. About the Author Reprints Adam’s Take GET STARTED Log In | Learn More By Adam Feuerstein Sept. 11, 2017 Reprints The investor euphoria for Incyte’s experimental cancer drug is hard to rationalize @adamfeuerstein Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED [email protected] Tags biotechcancercancer immunotherapydrug developmentSTAT+ STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond.