Incyte jumps on $2 bln share buyback plan
** Shares of Incyte INCY.O jump 6.2% premarket to $56.35, over 1-mth high, as biopharma firm announces $2 bln stock buyback plan
** Co commences modified "Dutch Auction" tender offer to repurchase shares for aggregate purchase price of up to $1.672 bln
** In addition, co entered into stock purchase agreement with Baker Bros Advisors, top INCY holder (per LSEG), to repurchase up to $328 worth of shares to enable the investment manager to maintain its current 16.4% ownership
** Incyte to buy stock in range of $52-$60 as part of the tender offer, which will expire at midnight on Mon, June 10, unless extended
** INCY shares on Fri closed at $53.06, down ~15% YTD
** Co, which focuses on developing therapies to treat oncology and inflammation & autoimmunity, has ~224.5 mln shares outstanding for nearly $12 bln market cap
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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