Bluberries Biopharmaceutical company Incyte ( NASDAQ: INCY ) said on Tuesday that it has repurchased ~29.8M shares of common stock through a tender offer at $60.00 per share, according to the preliminary results of the offer.
The preliminary proration factor for the shares is ~93.4%, according to the preliminary results. The modified Dutch auction tender offer expired at 12:00 midnight New York City time on June 10.
The total shares tendered included ~14.8M shares that were tendered through notice of guaranteed delivery. The company said it expects to repurchase a total of ~33.
3M shares at $60.00 per share for a total cost of ~$2B, excluding fees and expenses. These shares represent ~14.
8% of the company's total outstanding shares of common stock as of June 7. The remainder of the total shares to be tendered is expected to be a part of the deal with Baker. Incyte had entered into a separate stock tender agreement with Julian C.
Baker, Felix J. Baker, and entities affiliated with Julian C. and Felix J.
Baker, including funds advised by Baker Bros. Advisor. on May 12.
INCY shares were trading -0.30% pre-market. Source: Press Release More on Incyte Incyte Corporation (INCY) Q1 2024 Earnings Call Transcript Incyte Corporation 2024 Q1 - Results - Earnings Call Presentation Incyte Pharmaceuticals: Cheap Enough Now (Rating Upgrade) Incyte a new hold at Deutsche Bank as key drugs approach patent cliffs.
