How can u be so certain on the unlikelyness of the transaction. Watch what happens on the 110 phase 2 trials.
The only plausible reason for the secrecy on all these trials is that there [is/are] [a] deal[s] afoot involving the candidate. A possible complication is that there may be a legal theory under which a deal has already been made. That could make negotiations multilateral. Consider the complexity of the pre-ruxo-p3 refinancing. Incyte can't presently afford to take a candidate to market on its own. I think they believe they have a compound that might be very effective for plaque psoriasis with an extremely low side effect profile.