Baker Bros. Advisors LP Increases Stake in Incyte Corp via Option Exercise

On May 11, 2026, Baker Bros. Advisors LP filed Amendment No. 33 to its Schedule 13D for Incyte Corp (INCY), reporting a beneficial ownership of 30,865,077 shares, representing 15.4% of the class. This filing primarily details the acquisition of 15,000 shares of Common Stock on May 8, 2026, resulting from the exercise of stock options by Julian C. Baker, a managing member of the Adviser GP and a director of Incyte. Under a Proceeds Agreement dated May 7, 2026, the Adviser funded the $1,267,950 exercise price through loans from its managed funds, 667, L.P. and Baker Brothers Life Sciences, L.P. Per internal policy, managing members do not receive personal compensation for board service; thus, the pecuniary interest in these shares belongs to the Funds. The Adviser maintains dispositive power over the shares and will receive the proceeds from any future sales. The reporting persons indicated that securities are held for investment purposes and they may further adjust their positions based on market conditions and issuer performance.