Incyte Corporation ($INCY) is currently under scrutiny as speculation mounts regarding potential acquisition interest from Merck ($MRK) and Novartis ($NVS). Merck has been linked to a takeover bid for Incyte, with whom it collaborates on various drug development projects. Recent discussions at the Jefferies conference in London featured both the CEOs of Merck and Novartis. While Novartis CEO Vas Narasimhan downplayed the rumors regarding Incyte, Merck CEO did not address the acquisition speculation. This silence has raised questions among analysts, particularly given Merck's history of discussing acquisition strategies at public events. Additionally, Incyte's management has faced criticism for a lack of communication regarding the involvement of M&A lawyers, which has further fueled speculation about the company's strategic direction. Observers are questioning the rationale behind the recent shifts in acquisition strategy discussions, particularly following Novartis's CEO's contrasting statements about deal sizes over a short period.