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If President Donald Trump keeps his promise, the world’s biggest drug makers will soon get access to billions of dollars siloed overseas. And if investors and analysts are right, much of that money will go toward acquisitions. So what might pharma buy with its freed-up capital?

According to a recent investor survey by EvercoreISI, these are 2017’s most likely takeout targets.


Incyte has no plans to sell itself, CEO Hervé Hoppenot said at J.P. Morgan last month. But he knows quite well that all public companies are technically for sale. And someone just might pony up for his, valued at around $24 billion, to get access to epacadostat, a next-generation immunotherapy for cancer that could one day star in some blockbuster combos. Gilead Sciences has long been a rumored suitor, as has Novartis.

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