Incyte spends $28.4 million to buy back convertibles

New York, Aug. 1 - Incyte Corp. said it spent $28.4 million in the second quarter to buy back 5.5% convertible subordinated notes.

Following the buyback, the company had $99.1 million of the convertibles outstanding as of June 30.

In addition, Incyte said it repurchased as further $7.5 million of convertibles in July, "taking advantage of favorable bond market conditions."

Incyte is a Wilmington, Del., biotechnology company.

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