WILMINGTON, Del.--(BUSINESS WIRE)--Incyte Corporation (Nasdaq:INCY) announced today that, in accordance with the collaborative research and license agreement with Pfizer Inc. and as a result of the filing and acceptance of an Investigational New Drug Application (IND) for INCB8696, Incyte has received $10 million from the sale of a Convertible Subordinated Note to Pfizer. The Note bears no interest and is convertible into Incyte common stock at $9.75 per share based on recent average closing prices. The Note is due in 2014. This is the second and last tranche of Convertible Subordinated Notes available to Incyte as a result of its collaboration with Pfizer originally announced in November 2005.
