Key Developments For Incyte Corporation
Incyte Corporation (INCY.O) (Consolidated Issue listed on NASDAQ Global Market)
Incyte Corporation Announces Collaboration And License Agreement For Two Hematology-Oncology Programs
Incyte Corporation announced that it has entered into a collaboration and license agreement with Novartis for two of its investigational hematology-oncology therapies: INCB18424, an oral JAK1/JAK2 inhibitor that is in Phase III development for myelofibrosis and INCB28060. Under the terms of the agreement, Incyte will retain exclusive rights for the development and potential commercialization of INCB18424 in the US. Novartis will have responsibility for the future development and commercialization of INCB18424 in all hematology-oncology indications outside of the US. Novartis will also be responsible for the future worldwide development of INCB28060. Novartis will make an upfront payment of $150 million to Incyte plus an immediate $60 million milestone payment for the initiation of the European Phase III trial of INCB18424, COMFORT-II, that began in July of this year. Novartis will receive ex-US commercialization rights for Incyte`s lead JAK inhibitor and global commercialization rights for the cMET inhibitor. Each company will be responsible for costs in their respective territories for the JAK inhibitor, with costs of collaborative studies shared equally. Incyte may also be eligible over time for additional payments of up to approximately $1.1 billion if future contingent development and commercialization milestones are achieved. Incyte is also eligible to receive tiered, double-digit royalty payments on future ex-US INCB18424 sales.
Incyte Genomics, Inc. Completes Offering Of Convertible Senior Notes; Announces Closing Of Public Offering Of Common Stock
Incyte Genomics, Inc. announced that it has completed its previously announced private placement of $400.0 million aggregate principal amount of 4.75% convertible senior notes due 2015, including notes issued upon the exercise in full of the initial purchasers` option to purchase additional notes. Incyte estimates that the net proceeds from this offering will be approximately $387.3 million, after deducting fees and expenses. The Company also announced the closing of its public offering of 20,700,000 shares of its common stock at a price to the public of $6.75 per share, which includes 2,700,000 shares sold upon exercise by the underwriters of their option to purchase additional shares. The net proceeds to Incyte from the offering are approximately $132.0 million, after deducting the underwriting discount and estimated offering expenses. The Company intends to use the net proceeds of this offering for general corporate purposes, including research and development activities. Goldman, Sachs & Co. acted as sole book-running manager of this offering. Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc. acted as co-managers.
Incyte Genomics, Inc. Could Raise $540M From Stock And Debt Sales-AP
The Associated Press reported that Incyte Genomics, Inc. increased the size of a planned debt offering, and priced an offering of 18 million new shares at $6.75 per share. Incyte could raise $539.7 million from the combined offerings before deducting expenses. In addition to the stock sale, which could raise as much as $139.7 million, the company boosted the size of its senior note offering to $350 million from $250 million. Incyte said the initial purchasers will have the option to buy another $50 million in debt, up from a previous option of $37.5 million. The Company priced its stock offering at $6.75 per share, a discount of 1.9%. The underwriters of the sale will have the option to buy another 2.7 million shares. The company will use the funds from the debt offering to retire debt, and the money raised in the stock sale will be used for research and development and other activities.
Incyte Genomics, Inc. Prices $350 Million Convertible Senior Notes Offering
Incyte Genomics, Inc. announced the pricing of its offering of $350 million aggregate principal amount of 4.75% Convertible Senior Notes due 2015 in a private placement to qualified institutional buyers pursuant to exemptions from the registration requirements of the Securities Act of 1933. The size of the offering was increased from the originally announced $250 million aggregate principal amount. The offering is expected to close on September 30, 2009. Incyte Genomics, Inc. has granted the initial purchasers of the notes a 30-day option to purchase up to an additional $50 million aggregate principal amount of the notes. The notes will be convertible into shares of Incyte common stock, or shares of preferred stock in lieu of common stock, at an initial conversion rate of 113.9601 shares of common stock per $1,000 principal amount of notes (subject to adjustment in certain circumstances), which represents an initial conversion price of approximately $8.78 per share. Incyte Genomics, Inc. intends to use the net proceeds from the offering to repurchase or otherwise retire outstanding debt, including its existing 3½% Convertible Senior Notes due 2011 and 3½% Convertible Subordinated Notes due 2011, through open market transactions, negotiated transactions or otherwise, including potential repurchases from its affiliates, and, to the extent not used to repurchase or otherwise retire outstanding debt, for general corporate purposes.
Incyte Genomics, Inc. Announces Pricing Of Public Offering Of 18,000,000 Shares Of Common Stock
Incyte Genomics, Inc. announced the pricing of its underwritten public offering of 18,000,000 shares of its common stock at a price to the public of $6.75 per share. The offering is expected to close on September 30, 2009. Incyte Genomics, Inc. also granted the underwriters a 30-day option to purchase an additional 2,700,000 shares of common stock. All of the shares are being offered by the Company. The Company intends to use the net proceeds of this offering for general corporate purposes, including research and development activities. Goldman, Sachs & Co. is acting as sole book-running manager of this offering. Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc. are acting as co-managers.
