Press release
Incyte Announces Final Results of Tender Offer
WILMINGTON, Del.--(BUSINESS WIRE)-- Incyte Corporation (Nasdaq: INCY) (“Incyte” or the “Company”) announced today the final results of its modified “Dutch
About this update from Incyte Corporation
[{"type":"text","content":" WILMINGTON, Del.--(BUSINESS WIRE)--\nIncyte Corporation (Nasdaq: INCY) (“Incyte” or the “Company”) announced today the final results of its modified “Dutch auction” tender offer to purchase up to $1.672 billion in value of shares of its common stock, which expired at 12:00 midnight, at the end of the day, New York City time, on June 10, 2024.\n\n\nBased on the final count by Computershare Trust Company, N.A., the depositary for the tender offer, a total of 29,821,563 shares of Incyte’s common stock were properly tendered and not properly withdrawn at or below the purchase price of $60.00 per share.\n\n\nIncyte has accepted for purchase 27,866,666 shares of its common stock at a purchase price of $60.00 per share, for a total cost of approximately $1.672 billion, excluding fees and expenses relating to the tender offer. These shares represent approximately 12.4 percent of the Company’s total outstanding shares of common stock as of June 7, 2024. The final proration factor for the shares that Incyte will purchase pursuant to the tender offer is approximately 93.5 percent.\n\n\nAs previously announced, on May 12, 2024, Incyte entered into a separate stock purchase agreement with Julian C. Baker (a member of Incyte’s Board of Directors), Felix J. Baker, and entities affiliated with Julian C. and Felix J. Baker, including funds advised by Baker Bros. Advisors LP (collectively, the “Baker Entities”), under which the Baker Entities agreed not to tender or sell any shares in the tender offer and instead agreed to sell to the Company, following completion of the tender offer, a pro rata number of shares at the same price per share as will be paid by the Company in the tender offer, such that the Baker Entities’ aggregate percentage ownership in the Company will be substantially the same as prior to the tender offer. The closing of the purchase under the stock purchase agreement is subject to customary conditions and is expected to occur on June 26, 2024, the eleventh business day following the expiration date of the tender offer, or on such later date as the parties shall mutually agree. Based on the 27,866,666 shares the Company accepted for purchase in the tender offer, the Company expects to purchase 5,459,183 shares from the Baker Entities under the stock purchase agreement at a purchase price of $60.00 per share for an aggregate pu...