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The time has come once more for the world’s cancer specialists, stock speculators, and biotech hangers-on to descend upon Chicago for the annual American Society of Clinical Oncology conference. There will be quite literally thousands of presentations and posters available, but here are three key narratives to watch.

Is Incyte really worth $26 billion? 

The Delaware company has long been a rumored acquisition target, thanks in large part to a drug called epacadostat, an immunotherapy that could play the perfect foil to blockbusters like Merck’s Keytruda and Bristol-Myers Squibb’s Opdivo. At ASCO, we’ll see a bevy of data that will shed light on epacadostat’s potential — and Incyte’s future.

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