Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D
Under the Securities Exchange Act of 1934

(Amendment No. 1)
 
Incyte Corporation
(Name of Issuer)
     
Common Stock, par value $0.001 per share
(Title of Class of Securities)
     
 
45337C102
  
 
(CUSIP Number)
  
     
Leo Kirby
667 Madison Avenue, 17th Floor
New York, NY 10065
(212) 339-5633
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
     
 
November 12, 2007
  
 
(Date of Event which Requires Filing of this Statement)
  
     

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. ¨
 
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
 
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Page 1 of 7 Pages

SCHEDULE 13D
 
CUSIP No.   45337C102      
  
Page   2   of   7  Pages

1
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Julian C. Baker
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) o
(b) x
3
SEC USE ONLY
4
SOURCE OF FUNDS (See Instructions)
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
o 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
77,917
8
SHARED VOTING POWER
7,403,058
9
SOLE DISPOSITIVE POWER
77,917
10
SHARED DISPOSITIVE POWER
7,403,058
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,480,975
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
x
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.7%
14
TYPE OF REPORTING PERSON (See Instructions)
IN

Page 2of 7 Pages

SCHEDULE 13D
 
CUSIP No.  45337C102      
  
Page   3   of    7   Pages

1
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Felix J. Baker
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) o
(b) x
3
SEC USE ONLY
4
SOURCE OF FUNDS (See Instructions)
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
o 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
7,403,058
9
SOLE DISPOSITIVE POWER
7,403,058
10
SHARED DISPOSITIVE POWER
7,403,058
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,403,058
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
x
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.6%
14
TYPE OF REPORTING PERSON (See Instructions)
IN

Page 3of 7 Pages

This Amendment No. 1 to Schedule 13D is being filed by Julian C. Baker and Felix J. Baker (the “Reporting Persons”) to supplement the statements on Schedule 13D previously filed by them, as heretofore amended. Except as supplemented herein, such statements, as heretofore amended and supplemented, remain in full force and effect.
Item 5.
Interest in Securities of the Issuer.
 
Set forth below is the aggregate number of shares of Common Stock held, including shares that maybe acquired upon conversion of 3.5% Convertible Subordinated Notes due 2011 at the presently applicable conversion price of $11.2185 and shares that may be acquired upon exercise of Stock Options, as of the date hereof by each of the following, together with the percentage of outstanding shares of Common Stock that such number represents based upon 86,017,304 shares outstanding as reported on the company’s SEC Form 10Q filed on November 1, 2007.
 
Such percentage figures are calculated on the basis that the Convertible Subordinated Notes owned by the Reporting Persons and Stock Options are deemed converted into shares of Common Stock but other outstanding Senior Convertible Notes and Stock Options are not deemed converted or exercised.
 
Name 
  
Number of Shares
  
Percent of class
Outstanding 
  
Baker Bros. Investments, L.P. 
    
144,314
   
0.2
%
Baker Bros. Investments II, L.P. 
    
159,323
   
0.3
%
Baker Biotech Fund I, L.P. 
    
2,911,840
   
3.4
%
Baker Brothers Life Sciences, L.P. 
    
4,008,528
   
4.6
%
14159, L.P. 
    
55,769
   
0.1
%
Baker/Tisch Investments, L.P. 
    
89,874
   
0.1
%
FBB Associates
   
33,410
    
0.0
%
Julian C. Baker 
    
77,917
   
0.0
%
Total 
    
7,480,975
   
8.7
%
 
By virtue of their ownership of entities that have the power to control the investment decisions of the limited partnerships listed in the table above, Julian C. Baker and Felix J. Baker may each be deemed to be beneficial owners of shares owned by such entities and may be deemed to have shared power to vote or direct the vote of and shared power to dispose or direct the disposition of such securities.
 
The following transactions in Common Stock were effected by the entities noted below during the sixty days preceding the filing of this statement. None of the reporting Persons has effected any other transactions in Common Stock during this period.
 
Page 4of 7 Pages

Name
Date
Number of Shares
Transaction
Price/ Share
Baker Brothers Investments II, L.P.
11/9/2007
10
Purchase
7.8958
Baker Brothers Life Sciences, L.P.
11/9/2007
3,629
Purchase
7.8958
Baker Biotech Fund I, L.P.
11/9/2007
1,434
Purchase
7.8958
Baker/ Tisch Investments, L.P.
11/9/2007
13
Purchase
7.8958
14159, L.P.
11/9/2007
114
Purchase
7.8958
Baker Brothers Investments II, L.P.
11/9/2007
532
Purchase
7.7027
Baker Brothers Life Sciences, L.P.
11/9/2007
198,883
Purchase
7.7027
Baker Biotech Fund I, L.P.
11/9/2007
78,599
Purchase
7.7027
Baker/ Tisch Investments, L.P.
11/9/2007
700
Purchase
7.7027
14159, L.P.
11/9/2007
6,286
Purchase
7.7027
Baker Brothers Investments II, L.P.
11/12/2007
377
Purchase
8.3001
Baker Brothers Life Sciences, L.P.
11/12/2007
140,951
Purchase
8.3001
Baker Biotech Fund I, L.P.
11/12/2007
55,704
Purchase
8.3001
Baker/ Tisch Investments, L.P.
11/12/2007
496
Purchase
8.3001
14159, L.P.
11/12/2007
4,455
Purchase
8.3001
Baker Brothers Investments II, L.P.
11/12/2007
462
Purchase
8.2005
Baker Brothers Life Sciences, L.P.
11/12/2007
172,694
Purchase
8.2005
Baker Biotech Fund I, L.P.
11/12/2007
68,249
Purchase
8.2005
Baker/ Tisch Investments, L.P.
11/12/2007
608
Purchase
8.2005
14159, L.P.
11/12/2007
5,458
Purchase
8.2005
Baker Brothers Investments II, L.P.
11/12/2007
57
Purchase
8.2338
Baker Brothers Life Sciences, L.P.
11/12/2007
21,397
Purchase
8.2338
Baker Biotech Fund I, L.P.
11/12/2007
8,456
Purchase
8.2338
Baker/ Tisch Investments, L.P.
11/12/2007
75
Purchase
8.2338
14159, L.P.
11/12/2007
677
Purchase
7.9953
Baker Brothers Investments II, L.P.
11/12/2007
30
Purchase
7.9953
Baker Brothers Life Sciences, L.P.
11/12/2007
11,165
Purchase
7.9953
Baker Biotech Fund I, L.P.
11/12/2007
4,413
Purchase
7.9953
Baker/ Tisch Investments, L.P.
11/12/2007
39
Purchase
7.9953
14159, L.P.
11/12/2007
353
Purchase
7.9953
Baker Brothers Investments II, L.P.
11/13/2007
63
Purchase
8.299
Baker Brothers Life Sciences, L.P.
11/13/2007
23,377
Purchase
8.299
Baker Biotech Fund I, L.P.
11/13/2007
9,239
Purchase
8.299
Baker/ Tisch Investments, L.P.
11/13/2007
82
Purchase
8.299
14159, L.P.
11/13/2007
739
Purchase
8.299
Baker Brothers Investments II, L.P.
11/13/2007
39
Purchase
8.2234
Baker Brothers Life Sciences, L.P.
11/13/2007
14,490
Purchase
8.2234
Baker Biotech Fund I, L.P.
11/13/2007
5,727
Purchase
8.2234
Baker/ Tisch Investments, L.P.
11/13/2007
51
Purchase
8.2234
14159, L.P.
11/13/2007
457
Purchase
8.2234
Baker Brothers Investments II, L.P.
11/13/2007
53
Purchase
8.2585
Baker Brothers Life Sciences, L.P.
11/13/2007
19,844
Purchase
8.2585
Baker Biotech Fund I, L.P.
11/13/2007
7,843
Purchase
8.2585
Baker/ Tisch Investments, L.P.
11/13/2007
70
Purchase
8.2585
14159, L.P.
11/13/2007
627
Purchase
8.2585
Baker Brothers Investments II, L.P.
11/13/2007
234
Purchase
8.2505
Baker Brothers Life Sciences, L.P.
11/13/2007
87,343
Purchase
8.2505
Baker Biotech Fund I, L.P.
11/13/2007
34,518
Purchase
8.2505
Baker/ Tisch Investments, L.P.
11/13/2007
308
Purchase
8.2505
14159, L.P.
11/13/2007
2,760
Purchase
8.2505
Baker Brothers Investments II, L.P.
11/14/2007
5
Purchase
8.54
Baker Brothers Life Sciences, L.P.
11/14/2007
1,793
Purchase
8.54
Baker Biotech Fund I, L.P.
11/14/2007
709
Purchase
8.54
Baker/ Tisch Investments, L.P.
11/14/2007
6
Purchase
8.54
14159, L.P.
11/14/2007
57
Purchase
8.54
Baker Brothers Investments II, L.P.
11/14/2007
335
Purchase
8.5277
Baker Brothers Life Sciences, L.P.
11/14/2007
124,973
Purchase
8.5277
Baker Biotech Fund I, L.P.
11/14/2007
49,390
Purchase
8.5277
Baker/ Tisch Investments, L.P.
11/14/2007
440
Purchase
8.5277
14159, L.P.
11/14/2007
3,949
Purchase
8.5277
Baker Brothers Investments II, L.P.
11/15/2007
290
Purchase
8.6229
Baker Brothers Life Sciences, L.P.
11/15/2007
108,254
Purchase
8.6229
Baker Biotech Fund I, L.P.
11/15/2007
42,738
Purchase
8.6229
Baker/ Tisch Investments, L.P.
11/15/2007
381
Purchase
8.6229
14159, L.P.
11/15/2007
3,421
Purchase
8.6229
Baker Brothers Life Sciences, L.P.
11/15/2007
151
Purchase
8.6277
Baker Biotech Fund I, L.P.
11/15/2007
60
Purchase
8.6277
Baker/ Tisch Investments, L.P.
11/15/2007
1
Purchase
8.6277
14159, L.P.
11/15/2007
5
Purchase
8.6277
Baker Brothers Investments II, L.P.
11/16/2007
274
Purchase
8.3025
Baker Brothers Life Sciences, L.P.
11/16/2007
102,285
Purchase
8.3025
Baker Biotech Fund I, L.P.
11/16/2007
33,157
Purchase
8.3025
Baker/ Tisch Investments, L.P.
11/16/2007
225
Purchase
8.3025
14159, L.P.
11/16/2007
3,232
Purchase
8.3025
Baker Brothers Investments II, L.P.
11/19/2007
387
Purchase
8.2234
Baker Brothers Life Sciences, L.P.
11/19/2007
144,486
Purchase
8.2234
Baker Biotech Fund I, L.P.
11/19/2007
46,836
Purchase
8.2234
Baker/ Tisch Investments, L.P.
11/19/2007
318
Purchase
8.2234
14159, L.P.
11/19/2007
4,566
Purchase
8.2234
Baker Brothers Investments II, L.P.
11/20/2007
210
Purchase
8.1014
Baker Brothers Life Sciences, L.P.
11/20/2007
78,415
Purchase
8.1014
Baker Biotech Fund I, L.P.
11/20/2007
13,945
Purchase
8.1014
14159, L.P.
11/20/2007
2,478
Purchase
8.1014
Baker Brothers Investments II, L.P.
11/21/2007
150
Purchase
8.12
Baker Brothers Life Sciences, L.P.
11/21/2007
56,010
Purchase
8.12
Baker Biotech Fund I, L.P.
11/21/2007
9,961
Purchase
8.12
14159, L.P.
11/21/2007
1,770
Purchase
8.12
Page 5of 7 Pages
 
Exhibit 4. Agreement regarding the joint filing of this statement.
 
SIGNATURE
 
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
     
November 21, 2007  
 
 		  
 		  
 
  By:   /s/ Julian C. Baker
   
Julian C. Baker
     
     
    /s/ Felix J. Baker
 
Felix J. Baker
   
 
Page 6of 7 Pages