By Laura Lutz
Des Moines, Oct. 10 - Incyte Corp. raised $10 million from the private placement of a convertible subordinated note with Pfizer.
The zero-coupon note is convertible into common stock at $9.75 per share. It matures in 2014.
This closing represents the second and last tranche of convertible subordinated notes under a November 2005 collaboration agreement with Pfizer.
Incyte is a biopharmaceutical company based in Wilmington, Del.
| Issuer: | Incyte Corp.
|
| Issue: | Convertible subordinated note
|
| Amount: | $10 million
|
| Maturity: | 2014
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion price: | $9.75
|
| Warrants: | No
|
| Investor: | Pfizer
|
| Announcement date: | Oct. 10
|
| Stock symbol: | Nasdaq: INCY
|
| Stock price: | $8.32 at close Oct. 10
|
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