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Incyte retires $212.3 million of two series of 3.5% convertible notes
By Jennifer Chiou
New York, Nov. 5 - Incyte Corp. announced in its third-quarter report that it retired $86.3 million of its 3.5% convertible senior notes due 2011 and $99.9 million of its 3.5% convertible subordinated notes due 2011.
Incyte used $183.8 million of the $388 million of net proceeds from a private placement of 4.75% convertible senior notes due 2015 as well as the $132.7 million of net proceeds from a follow-on equity financing of 20.7 million shares.
Through Nov. 4, the company retired an additional $26.1 million of the subordinated notes.
"We recently raised over $500 million in our common stock and senior convertible notes offerings, which we intend to use to complete the phase III program for our lead JAK½ inhibitor, INCB18424, for myelofibrosis, advance our pipeline, and reduce our existing convertible notes that are due in 2011," Paul A. Friedman, president and chief executive officer, said in a news release.
"Thus far, we have retired over $212 million of the $400 million outstanding principal balance."
The Wilmington, Del.-based drug discovery and development company is focused on proprietary small molecule drugs for oncology, inflammation and diabetes.
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