UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)*
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULE 13D-1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13D-2(a)
INCYTE CORPORATION
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(Name of Issuer)
COMMON STOCK, $0.001 PER SHARE
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(Title of Class of Securities)
45337C-10-2
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(CUSIP Number)
BARRY L. BLOOM
655 MADISON AVENUE, 19TH FLOOR
NEW YORK, NY 10021-8043
(212) 521-2930
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
FEBRUARY 19, 2004
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(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 13 Pages
SCHEDULE 13D
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CUSIP NO. 45337C-10-2 PAGE 2 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Andrew H. Tisch
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [_]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
-0-
------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 3,152,554
OWNED BY ------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,152,554
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,152,554
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES (See Instructions) [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
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14 TYPE OF REPORTING PERSON (See Instructions)
IN
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SCHEDULE 13D
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CUSIP NO. 45337C-10-2 PAGE 3 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Daniel R. Tisch
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 3,152,554
OWNED BY ------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,152,554
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,152,554
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES (See Instructions) [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
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SCHEDULE 13D
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CUSIP NO. 45337C-10-2 PAGE 4 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
James S. Tisch
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 3,152,554
OWNED BY ------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,152,554
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,152,554
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES (See Instructions) [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
--------------------------------------------------------------------------------
SCHEDULE 13D
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CUSIP NO. 45337C-10-2 PAGE 5 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Thomas J. Tisch
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 3,352,554
OWNED BY ------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,352,554
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,352,554
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES (See Instructions) [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
--------------------------------------------------------------------------------
SCHEDULE 13D
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CUSIP NO. 45337C-10-2 PAGE 6 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Julian C. Baker
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
27,917
------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,580,344
OWNED BY ------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 27,917
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,580,344
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,608,261
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES (See Instructions) [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
--------------------------------------------------------------------------------
SCHEDULE 13D
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CUSIP NO. 45337C-10-2 PAGE 7 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Felix J. Baker
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,580,344
OWNED BY ------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,580,344
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,580,344
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES (See Instructions) [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
--------------------------------------------------------------------------------
This Amendment No. 2 (the "Amendment") to Schedule 13D is being filed
by Andrew H. Tisch, Daniel R. Tisch, James S. Tisch, Thomas J. Tisch, Julian C.
Baker and Felix J. Baker (the "Reporting Persons") to amend and supplement the
statement on Schedule 13D previously filed by the Reporting Persons. Except as
amended and supplemented therein, that statement remains in full force and
effect.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Because of certain business and family relationships among the
Reporting Persons, they are filing as if they constitute a group solely for
informational purposes. However, the filing of this statement is not an
admission by any Reporting Person that such Reporting Person and any other
Reporting Person or Reporting Persons constitute a "group" for purposes of
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, or Rule
13d-5 thereunder. Each Reporting Person disclaims beneficial ownership of any
shares of Common Stock owned by any other Reporting Person, except to the extent
that beneficial ownership is expressly reported herein.
Set forth in the table below is the aggregate number of shares of
Common Stock owned, including shares that may be acquired upon conversion or
exercise of convertible securities or options within 60 days, by each of the
following on February 19, 2004, together with the percentage of outstanding
shares of Common Stock that such ownership represents.
NUMBER OF SHARES PERCENT OF CLASS
NAME OWNED OUTSTANDING (1)
----------------------------- ---------------- ----------------
Four Partners 2,755,513 3.8%
Four-Fourteen Partners, LLC 200,000 0.3%
Andrew H. Tisch (2) 397,041 0.5%
Daniel R. Tisch (2) 397,041 0.5%
James S. Tisch (2) 397,041 0.5%
Thomas J. Tisch (2) 397,041 0.5%
Baker/Tisch Investments, L.P. 278,593 0.4%
Baker Bros. Investments, L.P. 208,814 0.3%
Baker Bros. Investments II, L.P. 128,640 0.2%
Baker Biotech Fund I, L.P. 2,174,811 3.0%
Baker Biotech Fund II, L.P. 1,661,628 2.3%
Baker Biotech Fund II (Z), L.P. 72,200 0.1%
FBB Associates 55,658 0.1%
Julian C. Baker 27,917 (3) 0.0%
Total 9,151,938 12.4%
(1) The ownership percentages set forth in the table above are based upon
72,456,424 shares of Common Stock outstanding, as reported on the
Company's Form 10-Q for the fiscal quarter ended October 31, 2003, plus
any shares that may be acquired upon conversion of 5.5% Convertible
Subordinated Notes due 2007 at the presently applicable conversion
Page 8 of 13 Pages
price of $67.4195, plus any shares that may be acquired upon conversion
of 3.5% Convertible Subordinated Notes due 2011 at the presently
applicable conversion price of $11.2185, plus any shares that may be
acquired upon exercise of stock options.
(2) Includes shares held by the Reporting Person in his individual capacity
or by a trust in which the Reporting Person is the trustee or managing
trustee and has voting or investment control over securities held by
such trust.
(3) Represents shares that may be acquired upon exercise of non-qualified
stock options.
Each person listed above has sole power to vote or direct the vote of
and to dispose or direct the disposition of the securities listed after such
person's name, except as follows:
(1) By virtue of their status as managing trustees of the trusts that are
the general partners of Four Partners, a New York general partnership,
Andrew H. Tisch, Daniel R. Tisch, James S. Tisch and Thomas J. Tisch
may be deemed to have shared beneficial ownership of securities owned
by Four Partners and shared power to vote or direct the vote of and to
dispose or direct the disposition of such securities.
(2) By virtue of his status as manager of Four-Fourteen Partners, LLC,
Thomas J. Tisch may be deemed to be the beneficial owner of securities
owned by Four-Fourteen Partners, LLC and to have power to vote or
direct the vote of and to dispose or direct the disposition of
securities owned by Four-Fourteen Partners, LLC.
(3) Julian C. Baker and Felix J. Baker, by virtue of their control of
entities that have the power to control the investment decisions of
Baker/Tisch Investments, L.P., Baker Bros. Investments, L.P., Baker
Bros. Investments II, L.P., Baker Biotech Fund I, L.P., Baker Biotech
Fund II, L.P. and Baker Biotech Fund II (Z), L.P., may each be deemed
to be the beneficial owners of securities owned by such entities and
may be deemed to have shared power to vote or direct the vote of and to
dispose or direct the disposition of such securities. Julian C. Baker
and Felix J. Baker are also the sole partners of FBB Associates, a
general partnership, and as such may be deemed to be beneficial owners
of securities owned by FBB Associates and to have shared power to vote
or direct the vote of and to dispose or direct the disposition of such
securities.
The following sales of 5.5% Convertible Subordinated Notes due
2007 were effected by the entities noted below during the 60 days preceding the
date hereof. The following transactions were effected with broker dealers on the
over the counter market.
NAME DATE PRINCIPAL AMOUNT PRICE
--------------------------- -------- ---------------- ------
Andrew H. Tisch 01/14/04 $400,000 90.75%
Daniel R. Tisch 01/14/04 $400,000 90.75%
James S. Tisch 01/14/04 $400,000 90.75%
Page 9 of 13 Pages
NAME DATE PRINCIPAL AMOUNT PRICE
--------------------------- -------- ---------------- ------
Thomas J. Tisch 01/14/04 $400,000 90.75%
Damial Foundation Inc. 01/14/04 $135,000 90.75%
Bonnie J. Tisch 01/14/04 $30,000 90.75%
Andrew H. Tisch 02/03/04 $800,000 91.75%
Daniel R. Tisch 02/03/04 $800,000 91.75%
James S. Tisch 02/03/04 $800,000 91.75%
Thomas J. Tisch 02/03/04 $800,000 91.75%
Damial Foundation Inc. 02/03/04 $200,000 91.75%
Andrew H. Tisch 02/09/04 $2,250,000 91.92%
Daniel R. Tisch 02/09/04 $2,250,000 91.92%
James S. Tisch 02/09/04 $2,250,000 91.92%
Thomas J. Tisch 02/09/04 $2,250,000 91.92%
Andrew H. Tisch 02/10/04 $4,730,000 92.85%
Daniel R. Tisch 02/10/04 $4,730,000 92.85%
James S. Tisch 02/10/04 $4,730,000 92.85%
Thomas J. Tisch 02/10/04 $4,730,000 92.85%
Damial Foundation Inc. 02/10/04 $2,080,000 92.85%
Andrew H. Tisch 02/11/04 $1,000,000 93.30%
Andrew H. Tisch 02/11/04 $1,237,500 97.75%
Andrew H. Tisch 02/11/04 $3,237,500 98.25%
Daniel R. Tisch 02/11/04 $1,000,000 93.30%
Daniel R. Tisch 02/11/04 $1,237,500 97.75%
Daniel R. Tisch 02/11/04 $3,237,500 98.25%
James S. Tisch 02/11/04 $1,000,000 93.30%
James S. Tisch 02/11/04 $1,237,500 97.75%
James S. Tisch 02/11/04 $3,237,500 98.25%
Thomas J. Tisch 02/11/04 $1,000,000 93.30%
Thomas J. Tisch 02/11/04 $1,237,500 97.75%
Page 10 of 13 Pages
NAME DATE PRINCIPAL AMOUNT PRICE
--------------------------- -------- ---------------- ------
Thomas J. Tisch 02/11/04 $3,237,500 98.25%
Damial Foundation Inc. 02/11/04 $1,150,000 97.75%
DMA Family Partnership 02/11/04 $73,000 97.75%
Andrew H. Tisch 02/12/04 $3,500,000 99.00%
Daniel R. Tisch 02/12/04 $3,500,000 99.00%
James S. Tisch 02/12/04 $3,500,000 99.00%
Thomas J. Tisch 02/12/04 $3,500,000 99.00%
The following 3.5% Convertible Subordinated Notes due 2011 were
purchased in a Rule 144A offering from Morgan Stanley & Co. Incorporated by the
entities set forth below during the 60 days preceding the date hereof. The notes
are convertible to Common Stock at the presently applicable conversion price of
$11.2185.
NAME DATE PRINCIPAL AMOUNT PRICE
--------------------------- -------- ---------------- ------
Baker Biotech Fund I, L.P. 02/19/04 $7,793,000 100%
Baker Biotech Fund II, L.P. 02/19/04 $7,207,000 100%
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1. Agreement regarding the joint filing of this statement.
Page 11 of 13 pages
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.
February 24, 2004
By: /s/ Andrew H. Tisch
-------------------------------------
Andrew H. Tisch
By: /s/ Daniel R. Tisch
-------------------------------------
Daniel R. Tisch
By: /s/ James S. Tisch
-------------------------------------
James S. Tisch
By: /s/ Thomas J. Tisch
-------------------------------------
Thomas J. Tisch
By: /s/ Bonnie J. Tisch
-------------------------------------
Bonnie J. Tisch
By: /s/ Julian C. Baker
-------------------------------------
Julian C. Baker
By: /s/ Felix J. Baker
-------------------------------------
Felix J. Baker
Page 12 of 13 Pages
EXHIBIT 1
AGREEMENT
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act
of 1934, as amended, the undersigned hereby agree that this Statement on
Schedule 13D relating to the Common Stock, par value $0.001 per share, of Incyte
Corporation, and such other amendments as may be filed by them hereafter, are
being filed with the Securities and Exchange Commission on behalf of each of
them.
February 24, 2004
By: /s/ Andrew H. Tisch
-------------------------------------
Andrew H. Tisch
By: /s/ Daniel R. Tisch
-------------------------------------
Daniel R. Tisch
By: /s/ James S. Tisch
-------------------------------------
James S. Tisch
By: /s/ Thomas J. Tisch
-------------------------------------
Thomas J. Tisch
By: /s/ Bonnie J. Tisch
-------------------------------------
Bonnie J. Tisch
By: /s/ Julian C. Baker
-------------------------------------
Julian C. Baker
By: /s/ Felix J. Baker
-------------------------------------
Felix J. Baker
Page 13 of 13 Pages