Document:

Exhibit 10.2

 

	 	 	Incyte Corporation
	 	Experimental Station
	 	Rt. 141 & Henry Clay Road
	 	Wilmington, Delaware  19880
	Tel  	302.498.6883
	Fax  	302.425.2707
	Web  	www.incyte.com

 

November 7, 2013

 

The Holders set forth on the

Signature page to this Agreement

 

		Re:	4.75% Convertible Senior Notes due 2015 (CUSIP No. 45337C AH5) (the “2015 Senior Notes”)

 

Ladies and Gentlemen:

 

By entering into this
letter agreement (this “Agreement”), each party signing this Agreement under the heading “HOLDER” on the
signature page hereto (each a “Holder” and, collectively, the “Holders”) and Incyte Corporation, a Delaware
corporation (the “Company”) irrevocably agree as follows:

 

A. Such Holder shall sell and transfer
to the Company, and the Company shall purchase from such Holder, on the Closing Date (as such term is hereinafter defined), the
aggregate principal amount of the Company’s 2015 Senior Notes beneficially owned by the Holder and corresponding to such
Holder’s name as set forth on Schedule I hereto (as to each Holder, the “Seller Notes”) in exchange for
the aggregate purchase price in cash equal to the aggregate purchase price of $474,998,602.12 (which represents $4,258.78 for the
purchase of each $1,000 principal amount and accrued but unpaid interest with respect to the Seller Notes), with such aggregate
amount to be payable among each Holder in the amounts set forth on Schedule I hereto (the “Purchase Price”).

 

On the Closing Date,
upon its receipt and against delivery of the Seller Notes (either through physical delivery of the Seller Notes to the Company
or receipt by the Company of confirmation from The Depository Trust Company or the Registrar of the Seller Notes, as applicable,
of a book-entry transfer of the Seller Notes into the Company’s name), the Company will deliver to the Holder the Purchase
Price by wire transfer in accordance with wire instructions provided by the Holders as set forth in Schedule I hereto. Each
Holder hereby agrees that the aggregate principal amount and all accrued unpaid interest on the Seller Notes shall be cancelled
in connection with the payment of the Purchase Price and that Holder will not be entitled to any other payment or amount with respect
to the Seller Notes.

 

B.The Holders shall be jointly obligated
to purchase in the Company’s announced private offering of convertible senior notes due 2018 (the “New 2018 Notes”)
and convertible senior notes due 2020 (the “New 2020 Notes”) (the “Offering”) $250,000,000 in aggregate
principal amount of the New 2018 Notes and $250,000,000 in aggregate principal amount of the New 2020 Notes. In the event that
the Offering is not completed for any reason, the Holders jointly agree to purchase directly from the Company, and the Company
agrees to sell and transfer to the Holders, $250,000,000 in aggregate principal amount of the New 2018 Notes and $250,000,000 in
aggregate principal amount of the New 2020 Notes on the Closing Date.

 

    	 

    	 

    

 

The “Closing
Date” shall mean the earlier to occur of (i) the date of closing of the Offering or (ii) the 5th business day following the
date of this Agreement.

 

Each Holder hereby
represents and warrants to the Company that each Holder is the sole legal and beneficial owner of the Seller Notes, and, upon the
Closing, the Company will acquire the Seller Notes free and clear of any liens, encumbrances, pledges, security interests or other
restrictions or claims of third parties.

 

Each of the Company
and each Holder agree to promptly execute and deliver such further agreements and instruments and take such further actions, as
the other may reasonably request in order to carry out the purposes and intent of this Agreement.

 

This Agreement may
be executed in one or more counterparts, each of which when executed shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.

 

Please confirm your
agreement to the foregoing by signing this Agreement in the space provided below and returning a signed copy of this Agreement
by telecopy to the attention of David C. Hastings, telecopy number (302) 425-2707.

 

(Signature Pages Follow)

 

    	 

    	 

    

 

	 	INCYTE CORPORATION
	 	 	 
	 	By: 	/s/ David C. Hastings
	 	 	Name:   David C. Hastings
	 	 	Title: Executive Vice President, Chief Financial Officer

 

(Signature Page to Debt Repurchase Agreement
– Baker Brothers)

 

    	 

    	 

    

 

	 	Agreed:
	 	 
	 	HOLDERS: 
	 	 
	 	667, L.P. (account #1), 
	 	 
	 	By:  Baker Bros. Advisors LP, management company and investment adviser to 667, L.P., pursuant to authority granted to it by Baker Biotech Capital, L.P., general partner  to 667, L.P., and not as the general partner. 
	 	 
	 	By:	/s/ Scott Lessing 	 
	 	Scott Lessing
	 	President
	 	 
	 	667, L.P. (account #2), 
	 	 
	 	By:  Baker Bros. Advisors LP, management company and investment adviser to 667, L.P., pursuant to authority granted to it by Baker Biotech Capital, L.P., general partner  to 667, L.P., and not as the general partner. 
	 	 
	 	By: 	/s/ Scott Lessing	 
	 	Scott Lessing
	 	President
	 	 
	 	BAKER BROTHERS LIFE SCIENCES, L.P.
	 	 
	 	By:  BAKER BROS. ADVISORS LP, , management company and investment adviser to Baker Brothers Life Sciences, L.P., pursuant to authority granted to it by Baker Brothers Life Sciences Capital, L.P., general partner  to Baker Brothers Life Sciences, L.P., and not as the general partner. 
	 	 
	 	By:	/s/ Scott Lessing 	 
	 	Scott Lessing
	 	President

 

(Signature Page to Debt Repurchase Agreement)

 

    	 

    	 

    

 

	 	14159, L.P.,
	 	 
	 	By:  Baker Bros. Advisors LP, management company and investment adviser to 14159, L.P., pursuant to authority granted to it by 14159 Capital, L.P., general partner  to 14159, L.P., and not as the general partner. 
	 	 
	 	By: 	/s/ Scott Lessing	 
	 	Scott Lessing
	 	President

 

(Signature Page to Debt Repurchase Agreement)

 

    	 

    	 

    

 

Schedule I

  

HOLDER: 667, L.P.

 

Aggregate Principal Amount of the 2015 Senior Notes sold to
the Company: $20,922,000

 

Purchase Price: $89,102,163.95

 

 

 

HOLDER: Baker Brothers Life Sciences, L.P.

 

Aggregate Principal Amount of the 2015 Senior Notes sold to
the Company: $88,153,000

 

Purchase Price: $375,424,101.83

 

 

 

HOLDER: 14159, L.P.

 

Aggregate Principal Amount of the 2015 Senior Notes sold to
the Company: $2,459,000

 

Purchase Price: $10,472,336.35

 

 

 

Wire Instructions:

 

Chase Manhattan Bank, N.Y.

ABA# 021-000-021

F/A/O Goldman Sachs & Co, N.Y.

A/C# 930-1-011483

F/F/C (Baker Brothers)

A/C# 002-10856-1Exhibit 10.3

 

	 	 	Incyte Corporation
	 	Experimental Station
	 	Rt. 141 & Henry Clay Road
	 	Wilmington, Delaware  19880
	Tel  	302.498.6883
	Fax  	302.425.2707
	Web  	www.incyte.com

 

November 8, 2013

 

The Holders set forth on the

Signature page to this Agreement

 

		Re:	4.75% Convertible Senior Notes due 2015 (CUSIP No. 45337C AH5) (the “2015 Senior Notes”)

 

Ladies and Gentlemen:

 

By entering into this
letter agreement (this “Agreement”), each party signing this Agreement under the heading “HOLDER” on the
signature page hereto (each a “Holder” and, collectively, the “Holders”) and Incyte Corporation, a Delaware
corporation (the “Company”) irrevocably agree as follows:

 

Such Holder shall sell
and transfer to the Company, and the Company shall purchase from such Holder, on the Closing Date (as such term is hereinafter
defined), the aggregate principal amount of the Company’s 2015 Senior Notes beneficially owned by the Holder and corresponding
to such Holder’s name as set forth on Schedule I hereto (as to each Holder, the “Seller Notes”) in exchange
for the aggregate purchase price in cash equal to the aggregate purchase price of $24,995,714.48 (which represents $4,326.01 for
the purchase of each $1,000 principal amount and accrued but unpaid interest with respect to the Seller Notes), with such aggregate
amount to be payable among each Holder in the amounts set forth on Schedule I hereto (the “Purchase Price”).

 

On the Closing Date,
upon its receipt and against delivery of the Seller Notes (either through physical delivery of the Seller Notes to the Company
or receipt by the Company of confirmation from The Depository Trust Company or the Registrar of the Seller Notes, as applicable,
of a book-entry transfer of the Seller Notes into the Company’s name), the Company will deliver to the Holder the Purchase
Price by wire transfer in accordance with wire instructions provided by the Holders as set forth in Schedule I hereto. Each
Holder hereby agrees that the aggregate principal amount and all accrued unpaid interest on the Seller Notes shall be cancelled
in connection with the payment of the Purchase Price and that Holder will not be entitled to any other payment or amount with respect
to the Seller Notes.

 

The “Closing
Date” shall mean the earlier to occur of (i) the date of closing of the Company’s announced private offering of convertible
senior notes due 2018 and convertible senior notes due 2020 or (ii) the 5th business day following the date of this Agreement.

 

Each Holder hereby
represents and warrants to the Company that each Holder is the sole legal and beneficial owner of the Seller Notes, and, upon the
Closing, the Company will acquire the Seller Notes free and clear of any liens, encumbrances, pledges, security interests or other
restrictions or claims of third parties.

 

    	 

    	 

    

 

Each of the Company
and each Holder agree to promptly execute and deliver such further agreements and instruments and take such further actions, as
the other may reasonably request in order to carry out the purposes and intent of this Agreement.

 

This Agreement may
be executed in one or more counterparts, each of which when executed shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.

 

Please confirm your
agreement to the foregoing by signing this Agreement in the space provided below and returning a signed copy of this Agreement
by telecopy to the attention of David C. Hastings, telecopy number (302) 425-2707.

 

(Signature Pages Follow)

 

    	 

    	 

    

 

	 	INCYTE CORPORATION
	 	 	 
	 	By: 	/s/ David C. Hastings
	 	 	Name:   David C. Hastings
	 	 	Title: Executive Vice President, Chief Financial Officer

 

(Signature Page to Debt Repurchase Agreement
– Baker Brothers)

 

    	 

    	 

    

 

	 	Agreed:
	 	 
	 	HOLDERS: 
	 	 
	 	667, L.P. (account #1), 
	 	 
	 	By:  Baker Bros. Advisors LP, management company and investment adviser to 667, L.P., pursuant to authority granted to it by Baker Biotech Capital, L.P., general partner  to 667, L.P., and not as the general partner. 
	 	 
	 	By: 	/s/ Scott Lessing	 
	 	Scott Lessing
	 	President
	 	 
	 	 
	 	667, L.P. (account #2), 
	 	 
	 	By:  Baker Bros. Advisors LP, management company and investment adviser to 667, L.P., pursuant to authority granted to it by Baker Biotech Capital, L.P., general partner  to 667, L.P., and not as the general partner. 
	 	 
	 	By: 	/s/ Scott Lessing	 
	 	Scott Lessing
	 	President
	 	 
	 	BAKER BROTHERS LIFE SCIENCES, L.P.
	 	 
	 	By:  BAKER BROS. ADVISORS LP, , management company and investment adviser to Baker Brothers Life Sciences, L.P., pursuant to authority granted to it by Baker Brothers Life Sciences Capital, L.P., general partner  to Baker Brothers Life Sciences, L.P., and not as the general partner. 
	 	 
	 	By: 	/s/ Scott Lessing	 
	 	Scott Lessing
	 	President

 

(Signature Page to Debt Repurchase Agreement)

 

    	 

    	 

    

 

	 	14159, L.P.,
	 	 
	 	By:  Baker Bros. Advisors LP, management company and investment adviser to 14159, L.P., pursuant to authority granted to it by 14159 Capital, L.P., general partner  to 14159, L.P., and not as the general partner.
	 	 
	 	By: 	/s/ Scott Lessing	 
	 	Scott Lessing
	 	President

  

(Signature Page to Debt Repurchase Agreement)

 

    	 

    	 

    

 

Schedule I

 

HOLDER: 667, L.P.

 

Aggregate Principal Amount of the 2015 Senior Notes sold to
the Company: $1,084,000

 

Purchase Price: $4,689,400.22

 

 

 

HOLDER: Baker Brothers Life Sciences, L.P.

 

Aggregate Principal Amount of the 2015 Senior Notes sold to
the Company: $4,567,000

 

Purchase Price: $19,756,910.35

 

 

 

HOLDER: 14159, L.P.

 

Aggregate Principal Amount of the 2015 Senior Notes sold to
the Company: $127,000

 

Purchase Price: $549,403.90

 

 

 

Wire Instructions:

 

Chase Manhattan Bank, N.Y.

ABA# 021-000-021

F/A/O Goldman Sachs & Co, N.Y.

A/C# 930-1-011483

F/F/C (Baker Brothers)

A/C# 002-10856-1

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