08:24 AM EDT, 05/13/2024 (MT Newswires) -- Incyte Corporation ( INCY ) said Monday in a regulatory filing its board of directors has authorized a $2 billion share buyback and has launched a modified so-called 'Dutch auction' tender offer to buy back its common stock at a price from $52 to $60 per share for a total purchase price of up to $1.67 billion.

The offer is set to expire at the end of June 10, at midnight, unless extended, Incyte ( INCY ) said.

Incyte ( INCY ) agreed to buy $328 million of its common stock from Baker Entities, including Julian C. Baker, Felix J. Baker and their affiliated entities at the same price per share as is determined and paid in the tender offer. Following the transaction, Baker Entities would continue to control about 16.4% of Incyte's ( INCY ) outstanding common stock. Julian C. Baker is a member of Incyte's ( INCY ) board.

A fully subscribed tender offer would represent from 12.4% to 14.3% of outstanding common stock as of May 9, depending on the purchase price payable for those shares pursuant to the tender offer, Incyte ( INCY ) said.

Price: 56.16, Change: +3.10, Percent Change: +5.84