BioCentury
ARTICLE | Financial News

Incyte raises $700M in note deal

November 9, 2013 1:54 AM UTC

Incyte Corp. (NASDAQ:INCY) raised $700 million in a private placement of senior convertible notes to institutional investors. The offering comprises $350 million in 0.375% notes maturing on Nov. 15, 2018; and $350 million in 1.25% notes maturing on Nov. 15, 2020. Both sets of notes initially convert at $51.76, which is a 38% premium to Incyte's close of $37.50 on Wednesday, before the company proposed the note deal. Incyte said it plans to use $500 million to repurchase a portion of the company's 4.75% convertible senior notes due 2015. Goldman Sachs; JPMorgan; BofA Merrill Lynch; Cowen; Jefferies; JMP Securities; and UBS were underwriters.

Incyte markets ruxolitinib in the U.S. as Jakafi to treat intermediate or high-risk myelofibrosis (MF), including primary MF and post-polycythemia vera or essential thrombocythemia myelofibrosis (PPV-MF/PET-MF). Novartis AG (NYSE:NVS; SIX:NOVN) has exclusive ex-U.S. rights to the oral Janus kinase-1 (JAK-1) and JAK-2 inhibitor from Incyte under a 2009 deal. ...