WILMINGTON, Del.–(EMWNews)–Incyte Corporation (Nasdaq:INCY) today announced the closing of its

public offering of 12,075,000 shares of its common stock at a price to

the public of $9.00 per share, which includes 1,575,000 shares sold upon

exercise by the underwriters of their option to purchase additional

shares. The net proceeds to Incyte from the offering are approximately

$101.8 million, after deducting the underwriting discount and estimated

offering expenses.

The Company intends to use the net proceeds of this offering for general

corporate purposes, including research and development activities.

Goldman, Sachs & Co. acted as sole book-running manager of this offering

and Morgan Stanley & Co. Incorporated acted as joint lead manager. J.P.

Morgan Securities Inc. acted as co-manager.

The shares were issued pursuant to an effective shelf registration

statement. Printed copies of the prospectus supplement and related

prospectus relating to the offering may be obtained from Goldman, Sachs

& Co. (Attn: Prospectus Department, 85 Broad Street, New York, New York

10004, Fax: 212-902-9316 or Email at [email protected]).

This press release does not and shall not constitute an offer to sell or

the solicitation of an offer to buy the Company’s common stock, nor

shall there be any sale of the common stock in any state or jurisdiction

in which such an offer, solicitation or sale would be unlawful prior to

registration or qualification under the securities laws of any state.

This information does not purport to be a complete description of the

Company’s common stock or the offering. This

offering was made only by means of a prospectus, including a prospectus

supplement, forming a part of the effective shelf registration statement.

About Incyte

Incyte Corporation is a Wilmington, Delaware-based drug discovery and

development company focused on developing proprietary small molecule

drugs to treat serious unmet medical needs. Incyte’s pipeline includes

multiple compounds in Phase I and Phase II development for oncology,

inflammation and diabetes.

Forward-Looking Statements

Except for the historical information contained herein, the matters set

forth in this press release, including statements with respect to the

intended use of proceeds from the offering, are all forward-looking

statements within the meaning of the “safe harbor” provisions of the

Private Securities Litigation Reform Act of 1995. These forward-looking

statements are subject to risks and uncertainties that may cause actual

results to differ materially, including satisfaction of the conditions

to closing of the offering, the risks associated with drug research and

development and clinical trials, unanticipated costs in research and

development efforts or other unanticipated cash requirements, and other

risks detailed from time to time in Incyte’s filings with the Securities

and Exchange Commission, including its Quarterly Report on Form 10-Q for

the quarter ended June 30, 2008. Incyte disclaims any intent or

obligation to update these forward-looking statements.

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