Incyte holders convert $16.9 million 3.5% notes ahead of redemption

By Angela McDaniels

Tacoma, Wash., Feb. 23 - Incyte Corp. said the holders of approximately $15.5 million principal amount of its 3.5% convertible senior notes due 2011 and approximately $1.4 million principal amount of its 3.5% convertible subordinated notes due 2011 elected to convert their notes prior to Feb. 22, when the outstanding convertibles were redeemed at 100.5 plus accrued interest.

The company used a total of $158.6 million in cash to fund the redemption, according to an 8-K filing with the Securities and Exchange Commission.

The conversion price of both series of convertibles was $11.22. Incyte stock closed at $10.54 (Nasdaq: INCY) on Feb. 22.

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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