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Incyte Announces $422 Million Private Placement

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ALO ALTO, Calif.--Incyte Pharmaceuticals said it has entered into a definitive purchase agreement for the sale of two million shares of newly issued common stock to selected institutional investors for $422 million. Purchase price will be $211 per share. The company said net proceeds will be used for working capital and general corporate purposes as well as to make strategic investments, acquire or license technology or products, or acquire complementary businesses.

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