Incyte Corporation, Wilmington, announced the pricing of its underwritten public offering of 4,945,000 shares of its common stock. The company has granted the underwriter an option to purchase up to an additional 741,750 shares of common stock.
Based on the current stock price, the offering could raise more $700 million.
According to a release, the company intends to use the net proceeds from the offering for general corporate purposes, including working capital, research and development activities, capital expenditures and potential strategic transactions.
The underwriter intends to offer the shares from time to time for sale in one or more transactions on The NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale,
BofA Merrill Lynch is acting as the sole underwriter of this offering.
Incyte has been working to build off the success of its blood cancer drug Jakafi with a promising research development pipeline.
The company is currently expanding its headquarters and research center on Augustine Cutoff just outside the city of Wilmington.