01:25 PM EDT, 06/11/2024 (MT Newswires) -- Incyte ( INCY ) said Tuesday it expects to buy about 27.9 million shares, or about 12.4% of its shares, for a total cost of about $1.672 billion based on preliminary results of its modified "Dutch auction" tender offer.

The preliminary proration factor for the shares to be purchased in the tender offer is about 93.4%, Incyte ( INCY ) said.

In total, the company said it expects to repurchase about 33.3 million shares, including a stock purchase agreement with Baker Entities that agreed not to tender any shares in the tender offer, at $60.00 per share, for a total cost of about $2.0 billion.

They represent about 14.8% of its shares, the biopharmaceutical company said.

Price: 58.75, Change: -0.65, Percent Change: -1.09