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Acquiring Vega Therapeutics, an offshoot of "hub-and-spoke" biotech Star Therapeutics, would give Incyte a medicine that’s in late-stage testing and designed to control bleeding.

The buyout hands J&J a technology that merges elements of two popular drugmaking methods: protein degraders and antibody-drug conjugates.

At a big meeting for weight loss drugs, Lilly’s “triple G” therapy set a new standard as lingering doubts surrounded other competing treatments.