EXHIBIT  99.1

FOR  IMMEDIATE  RELEASE
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INCYTE
John  Vuko
Chief  Financial  Officer
(650)  845-4106


INCYTE  ANNOUNCES  PLACEMENT  OF  $150  MILLION  IN
CONVERTIBLE  SUBORDINATED  NOTES

PALO  ALTO,  CA, FEBRUARY 1, 2000 -- Incyte Pharmaceuticals, Inc. (Nasdaq: INCY)
announced  today  the  private placement of $150 million of its 5.5% Convertible
Subordinated  Notes  due  2007. The offering is expected to close on February 4,
2000.  The  Company  has  also  granted  to  the initial purchasers an option to
purchase  up  to  an  additional  $50 million in principal amounts of Notes. The
Notes are convertible into Incyte common stock at an initial conversion price of
approximately  $134.84  per  share.

The  Company  stated that it expects to use the net proceeds of the offering for
working  capital  and  general corporate purposes.  Proceeds may also be used to
make  strategic  investments,  acquire  or  license  technology  or products, or
acquire  businesses  that  may  complement  its  business.

This  press  release does not constitute an offer to sell or the solicitation of
an  offer  to  buy  any  security.  The Notes have not been registered under the
Securities  Act  of  1933  or  applicable  state  securities laws and may not be
offered  or  sold  in the United States absent registration under the Securities
Act  and  applicable  state  securities  laws  or  an  applicable exemption from
registration  requirements.

Except for the historical information contained herein, the matters set forth in
this  press  release, such as statements as to the expected use of net proceeds,
are  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 market and other conditions that
may  affect Incyte's ability to complete the offering, the expected closing date
of the offering, the satisfaction of customary closing conditions, the impact of
alternative  technological  advances  and  competition,  changes in the focus of
Incyte's  research  and  development activities, developments in litigation, and
other  risks  detailed  from time to time in Incyte's SEC reports, including its
Quarterly  Report on Form 10-Q for the quarter ended September 30, 1999.  Incyte
disclaims  any  intent or obligation to update these forward-looking statements.