Incyte agrees to exchange $37.46 million 4.75% convertibles due 2015

By Susanna Moon

Chicago, June 5 - Incyte Corp. agreed to exchange $37,461,000 principal amount of its 4.75% convertible senior notes due 2015, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into separately negotiated agreements with holders on May 30, June 3 and June 4, the filing noted.

The holders will receive the number of shares into which the notes were convertible, 4,269,056, and $2,546,637 in cash.

The company said it completed some of the exchanges and expects to complete the remaining exchanges on June 6.

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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