Following the positive clinical testing results from a combination cancer therapy developed by Incyte and Merck, Incyte is looking to raise $666.6 million to fund further research, writes John George for Philadelphia Business Journal.

The clinical testing combined Merck’s immuno-oncology drug Keytruda with the enzyme inhibitor epacadostat developed by Incyte.

The combination was used in a small group of advanced melanoma patients.

Now Incyte is looking to sell 4.9 million shares of its common stock through a public stock offering at $134.81 per share.

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The biotechnology company has also given underwriter Bank of America Merrill Lynch, the option to purchase up to an additional 741,750 shares of the company’s common stock.

If this option is exercised, it would increase the total value of the stock sale by $100 million to $766.6 million.

According to its filling with the Securities and Exchange Commission, Incyte intends to use the net proceeds for research and development as well as other general corporate purposes such as “additions to working capital and repayment or redemption of existing debt.

The offering is expected to close around September 12.

Read more about Incyte’s stock offering at Philadelphia Business Journal by clicking here.

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