WASHINGTON (dpa-AFX) - Shares of Incyte Corporation (INCY) jumped 8% on
Monday morning after the company announced its intention to buy back up to $2.0
billion shares.

INCY is currently trading at $57.51, up $4.44 or 8.38%, on the Nasdaq. The stock
opened its trading at $57.11 after closing Friday at $53.06. The stock has
traded between $50.27 and $67.36 in the past 52-week period.

Incyte approved a share repurchase authorization of $2.0 billion. The company
has commenced a modified 'Dutch Auction' tender offer to repurchase shares of
its common stock for an aggregate purchase price of up to $1.672 billion.

'This tender offer reflects our confidence in the future outlook of our
business, the strength of our commercial product portfolio and our clinical
development pipeline and Incyte's long-term value. We believe the current
valuation of Incyte stock makes repurchases of our stock an attractive
investment and an opportunity to enhance long-term shareholder value,' said
Hervé Hoppenot, Chief Executive Officer, Incyte. 'Our strong balance sheet, cash
flow and access to capital enable us to undertake this transaction while also
preserving the flexibility to further add to the growth of our business through
focused, strategic acquisitions.'



Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX