As comedian Brian Regan famously noted, cranberry juice does seem to be added to everything these days. There's cran-apple juice, cran-grape juice, and even cran-strawberry juice.

That's how it's starting to seem with Incyte Pharmaceuticals (NASDAQ:INCY) and its immuno-oncology drug INCB24360 lately. In February, the biotech agreed to test INCB24360 in conjunction with Merck's PD-1 inhibitor MK-3475. In mid May, the biotech committed to test the drug with AstraZeneca's PD-L1 inhibitor MEDI4736. And earlier this week, Incyte signed yet another agreement to test INCB24360 with another immuno-oncology drug, this time with Bristol-Myers Squibb (NYSE:BMY) and its nivolumab.

Quite a bit of dealmaking there. So what's behind it?

In the video below, from Market Checkup, the Motley Fool's health care-focused investing show, health care analysts Michael Douglass and David Williamson lay out the deal and why so many companies want this drug added to their immuno-oncology arsenal.

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David Williamson has no position in any stocks mentioned. Michael Douglass has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.