Incyte greenshoe exercised, raising convertibles to $250 million

New York, March 8 - Incyte Corp. said the underwriters of its recent offering of convertible subordinated notes exercised the $50 million over-allotment option in full, raising the size of the deal to $250 million.

The Wilmington, Del., biotechnology company originally sold $200 million of the securities after the market closed on Feb. 12, pricing them to yield 3.5% with a 35% initial conversion premium.

Morgan Stanley & Co. was bookrunner for the Rule 144A deal.

Incyte will use proceeds for general corporate purposes, including repayment of debt.

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