Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13D
Under the Securities Exchange Act of 1934
 
(Amendment No. 7)
 
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)
     
 
December 17, 2008
  
 
(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) o 
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
 
117,917
 
8
SHARED VOTING POWER
 
16,457,692
 
9
SOLE DISPOSITIVE POWER
 
117,917
 
10
SHARED DISPOSITIVE POWER
 
16,457,692
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
16,457,692
 
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)
 
16.1%
 
14
TYPE OF REPORTING PERSON (See Instructions)
 
IN
 
 
Page 2 of 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) o 
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
 
16,339,775
 
9
SOLE DISPOSITIVE POWER
 
0
 
10
SHARED DISPOSITIVE POWER
 
16,339,775
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
16,339,775
 
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)
 
15.9%
 
14
TYPE OF REPORTING PERSON (See Instructions)
 
IN
 
 
Page 3 of 7 Pages
 
This Amendment No. 7 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 and 3.5% Convertible Senior 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 97,171,223 shares outstanding as reported on the company’s SEC Form 10Q filed on November 6, 2008.
 
Such percentage figures are calculated on the basis that the Convertible Senior and Subordinated Notes owned by the Reporting Persons and Stock Options are deemed converted into shares of Common Stock but other outstanding Senior and Subordinated Convertible Notes and Stock Options are not deemed converted or exercised.
 
Name
  
Number of
Shares
    
Percent of Class
Outstanding
  
Baker Bros. Investments I, L.P.
     144,314       0.1 %
Baker Bros. Investments II, L.P.
     174,248       0.1 %
667, L.P.
     4,574,662       4.6 %
Baker Brothers Life Sciences, L.P.
     10,963,831       10.8 %
14159, L.P.
     267,770       0.3 %
Baker/ Tisch Investments, L.P.
     181,540       0.1 %
FBB Associates
     33,410       0.0 %
Julian Baker
     117,917       0.1 %
 
                
Total
     16,457,692       16.1 %

 
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 and Convertible Notes 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 securities of the issuer during this period.
 
Page 4 of 7 Pages
 
Name
Date
  
Number of
          
     
Shares
  
Transaction
  
Price / Share
  
                 
Baker / Tisch Investments, L.P.
12/17/2008
     62  
Purchase
     3.15000  
Baker Bros. Investments II, L.P.
12/17/2008
     13  
Purchase
     3.15000  
667, L.P.
12/17/2008
     2,903  
Purchase
     3.15000  
Baker Brothers Life Sciences, L.P.
12/17/2008
     9,259  
Purchase
     3.15000  
14159, L.P.
12/17/2008
     254  
Purchase
     3.15000  
Baker / Tisch Investments, L.P.
12/17/2008
     543  
Purchase
     3.3342  
Baker Bros. Investments II, L.P.
12/17/2008
     112  
Purchase
     3.3342  
667, L.P.
12/17/2008
     25,153  
Purchase
     3.3342  
Baker Brothers Life Sciences, L.P.
12/17/2008
     80,201  
Purchase
     3.3342  
14159, L.P.
12/17/2008
     2,191  
Purchase
     3.3342  
Baker / Tisch Investments, L.P.
12/17/2008
     896  
Purchase
     3.3318  
Baker Bros. Investments II, L.P.
12/17/2008
     184  
Purchase
     3.3318  
667, L.P.
12/17/2008
     41,510  
Purchase
     3.3318  
Baker Brothers Life Sciences, L.P.
12/17/2008
     132,354  
Purchase
     3.3318  
14159, L.P.
12/17/2008
     3,616  
Purchase
     3.3318  
Baker / Tisch Investments, L.P.
12/18/2008
     93  
Purchase
     3.5966  
Baker Bros. Investments II, L.P.
12/18/2008
     8  
Purchase
     3.5966  
667, L.P.
12/18/2008
     3,904  
Purchase
     3.5966  
Baker Brothers Life Sciences, L.P.
12/18/2008
     13,055  
Purchase
     3.5966  
14159, L.P.
12/18/2008
     355  
Purchase
     3.5966  
Baker / Tisch Investments, L.P.
12/18/2008
     1,535  
Purchase
     3.5633  
Baker Bros. Investments II, L.P.
12/18/2008
     125  
Purchase
     3.5633  
667, L.P.
12/18/2008
     64,559  
Purchase
     3.5633  
Baker Brothers Life Sciences, L.P.
12/18/2008
     215,917  
Purchase
     3.5633  
14159, L.P.
12/18/2008
     5,897  
Purchase
     3.5633  
Baker / Tisch Investments, L.P.
12/19/2008
     290  
Purchase
     3.6175  
Baker Bros. Investments II, L.P.
12/19/2008
      60  
Purchase
     3.6175  
667, L.P.
12/19/2008
     13,433  
Purchase
     3.6175  
Baker Brothers Life Sciences, L.P.
12/19/2008
     42,834  
Purchase
     3.6175  
14159, L.P.
12/19/2008
     1,170  
Purchase
     3.6175  
Baker / Tisch Investments, L.P.
12/19/2008
     1,637  
Purchase
     3.5954  
Baker Bros. Investments II, L.P.
12/19/2008
     337  
Purchase
     3.5954  
667, L.P.
12/19/2008
     75,808  
Purchase
     3.5954  
Baker Brothers Life Sciences, L.P.
12/19/2008
     241,712  
Purchase
     3.5954  
14159, L.P.
12/19/2008
     6,602  
Purchase
     3.5954  
667, L.P.
12/22/2008
      12   Purchase      3.2500  
Baker Brothers Life Sciences, L.P.
12/22/2008
      85   Purchase       3.2500  
14159, L.P.
12/22/2008
      3   Purchase       3.2500  
 
Page 5 of 7 Pages
 
Name
Date
  
Principal
            
     
Amount of
  
Transaction
  
Price
  
     
Conv. Notes
            
                     
Baker / Tisch Investments, L.P.
12/18/2008
     18,000  
Purchase Senior Conv.
   $ 52.84  
Baker Bros. Investments II, L.P.
12/18/2008
     1,000  
Purchase Senior Conv.
     52.84  
667, L.P.
12/18/2008
     729,000  
Purchase Senior Conv.
     52.84  
Baker Brothers Life Sciences, L.P.
12/18/2008
     2,436,000  
Purchase Senior Conv.
     52.84  
14159, L.P.
12/18/2008
     66,000  
Purchase Senior Conv.
     52.84  
Baker / Tisch Investments, L.P.
12/19/2008
     52,000  
Purchase Senior Conv.
     52.7583  
Baker Bros. Investments II, L.P.
12/19/2008
     11,000  
Purchase Senior Conv.
     52.7583  
667, L.P.
12/19/2008
     2,383,000  
Purchase Senior Conv.
     52.7583  
Baker Brothers Life Sciences, L.P.
12/19/2008
     7,598,000  
Purchase Senior Conv.
     52.7583  
14159, L.P.
12/19/2008
     206,000  
Purchase Senior Conv.
     52.7583  
Baker / Tisch Investments, L.P.
12/19/2008
     31,000  
Purchase Sub. Conv.
     51.0342  
Baker Bros. Investments II, L.P.
12/19/2008
     6,000  
Purchase Sub. Conv.
     51.0342  
667, L.P.
12/19/2008
     1,422,000  
Purchase Sub. Conv.
     51.0342  
Baker Brothers Life Sciences, L.P.
12/19/2008
     4,534,000  
Purchase Sub. Conv.
     51.0342  
14159, L.P.
12/19/2008
     124,000  
Purchase Sub. Conv.
     51.0342  
 
Page 6 of 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.
 
December 22, 2008
  
 
     
 
 By: 
/s/ Julian C. Baker 
    Julian C. Baker
     
  By: 
/s/ Felix J. Baker       
    Felix J. Baker
 
Page 7 of 7 Pages