Incyte Corporation ($INCY) is reportedly preparing for a potential sale, with indications that Novartis may be a leading acquirer. Recent developments include the retention of five top mergers and acquisitions (M&A) lawyers from Hogan Lovells, a firm known for handling significant corporate transactions in the life sciences sector. This decision was formalized on September 9, 2024, when Incyte's German subsidiary granted power of attorney to the legal team. Analysts suggest that the hiring of specialized M&A lawyers typically signals preparations for a sale, and the involvement of Baker Brothers, Incyte's largest shareholders since 2001, further supports this theory as they appear ready to exit their investment. Incyte's revenue from Jakafi reached $2.6 billion in the U.S. in 2023, while Novartis reported $1.7 billion in ex-U.S. Jakavi sales, reflecting a 12% annual increase. The potential acquisition could save Novartis over $500 million annually in royalties. Recent comments from Novartis CEO indicate a shift in acquisition strategy, now seeking opportunities exceeding $10 billion, up from previous targets below $5 billion. Market reactions suggest investor confidence in the likelihood of a sale, with speculation that Incyte may not sell for less than $100 per share, representing a potential 33% short-term return on a $15 billion company.