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Incyte exchanges $37.29 million 4.75% convertibles for stock, cash
By Tali David
Minneapolis, Sept. 17 - Incyte Corp. holders agreed to exchange $37,287,000 principal amount of their 4.75% convertible senior notes due 2015 into shares of the company's common stock, according to an 8-K filed with the Securities and Exchange Commission.
The holders will receive 4,249,228 shares and $1,491,480 in cash.
The company said it expects to complete the exchanges on Sept. 18.
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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