Biotech company Incyte Corporation (INCY) announced the offering of about $132 million aggregate principal amount of 3-1/2 percent Convertible Senior Notes due 2011 in a private placement.
The drug maker will use net proceeds of the offering, estimated to be about $96 million, to redeem outstanding 5.5 percent Convertible Subordinated Notes due Feb. 1, 2007.
Remaining proceeds will be used for working capital and general corporate purposes.
The offering is expected to close on September 26.
INCY shares are down 55 cents (11.09%) to $4.41 in early afternoon trading on the Nasdaq.
The drug maker will use net proceeds of the offering, estimated to be about $96 million, to redeem outstanding 5.5 percent Convertible Subordinated Notes due Feb. 1, 2007.
Remaining proceeds will be used for working capital and general corporate purposes.
The offering is expected to close on September 26.
INCY shares are down 55 cents (11.09%) to $4.41 in early afternoon trading on the Nasdaq.
posted by doublezero at
11:17 AM
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