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Incyte Plans Private Placement of $150M in Convertible Notes

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.

 

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