NEW YORK, Feb. 11 (GenomeWeb News) - Incyte today said it intends to offer a private placement of $150 million in convertible subordinated notes due in 2011.
The interest-bearing notes will be converted into shares of Incyte common stock at a rate and a price to be determined. The company said it expects to also grant initial purchasers of the notes an option to purchase up to an additional $50 million aggregate principal amount of the notes.
The company will use the net proceeds of the offering for general purposes, including the repayment of outstanding debt.