Incyte to call 5.5% convertibles due 2007

By Angela McDaniels

Seattle, Sept. 20 - Incyte Corp. plans to redeem its outstanding 5.5% convertible subordinated notes due Feb. 1, 2007, according to a company news release.

The company will use the proceeds from its recent offering of 3.5% convertible senior notes due 2011 to redeem the 5.5% convertibles. Incyte issued $132 million of the 3.5% convertibles in a private placement and estimated that the net proceeds will be at least $96 million.

A notice of redemption for the 5.5% convertibles will be sent to noteholders on or about Sept. 26.

Wilmington, Del.-based Incyte discovers and develops compounds for the treatment of cancer, inflammation, HIV and diabetes.

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