-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Ld5rX/qj/biXQQydoRF2e5bGHALT9GYekQRXh3M8J5dUB26naPNKfXPfIpn6dI5q
 nFZVPuN11aHMXL1dsKUGcw==

<SEC-DOCUMENT>0001181431-03-024113.txt : 20030923
<SEC-HEADER>0001181431-03-024113.hdr.sgml : 20030923
<ACCEPTANCE-DATETIME>20030923171815
ACCESSION NUMBER:		0001181431-03-024113
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030919
FILED AS OF DATE:		20030923

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BAKER BIOTECH CAPITAL II GP LLC
		CENTRAL INDEX KEY:			0001244386
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12400
		FILM NUMBER:		03906587

	MAIL ADDRESS:	
		STREET 1:		667 MADISON AVE 17TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10021

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BAKER JULIAN
		CENTRAL INDEX KEY:			0001087939

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12400
		FILM NUMBER:		03906586

	BUSINESS ADDRESS:	
		STREET 1:		TISCH FAMILY INTERESTS
		STREET 2:		667 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10021
		BUSINESS PHONE:		2125212420

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BAKER FELIX
		CENTRAL INDEX KEY:			0001087940

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12400
		FILM NUMBER:		03906585

	BUSINESS ADDRESS:	
		STREET 1:		TISCH FAMILY INTERESTS
		STREET 2:		667 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10021
		BUSINESS PHONE:		2125212420

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCYTE CORP
		CENTRAL INDEX KEY:			0000879169
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				943136539
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3160 PORTER DR
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304
		BUSINESS PHONE:		6508550555

	MAIL ADDRESS:	
		STREET 1:		3160 PORTER DRIVE
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCYTE CORP
		DATE OF NAME CHANGE:	20030318

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCYTE GENOMICS INC
		DATE OF NAME CHANGE:	20000710

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCYTE PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19930902
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd18975.xml
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-09-19</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000879169</issuerCik>
        <issuerName>INCYTE CORP</issuerName>
        <issuerTradingSymbol>INCY</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001244386</rptOwnerCik>
            <rptOwnerName>BAKER BIOTECH CAPITAL II GP LLC</rptOwnerName>
        </reportingOwnerId>
<reportingOwnerAddress><rptOwnerStreet1>655 Madison Avenue</rptOwnerStreet1><rptOwnerCity>New York</rptOwnerCity><rptOwnerState>NY</rptOwnerState><rptOwnerZipCode>10021</rptOwnerZipCode></reportingOwnerAddress><reportingOwnerRelationship><isDirector>0</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>1</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001087939</rptOwnerCik>
            <rptOwnerName>BAKER JULIAN</rptOwnerName>
        </reportingOwnerId>
<reportingOwnerAddress><rptOwnerStreet1>655 Madison Avenue</rptOwnerStreet1><rptOwnerCity>New York</rptOwnerCity><rptOwnerState>NY</rptOwnerState><rptOwnerZipCode>10021</rptOwnerZipCode></reportingOwnerAddress><reportingOwnerRelationship><isDirector>0</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>1</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001087940</rptOwnerCik>
            <rptOwnerName>BAKER FELIX</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>655 MADISON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10021</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>1</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock, par value $0.001 per share</value><footnoteId id="F1"/></securityTitle><transactionDate><value>2003-09-19</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>P</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>556350</value><footnoteId id="F2"/></transactionShares><transactionPricePerShare><value>5.0374</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1020307</value><footnoteId id="F3"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</v
alue></directOrIndirectOwnership><natureOfOwnership><value>Through Partnerships</value><footnoteId id="F3"/></natureOfOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><footnotes><footnote id="F1">In addition to Baker Biotech Capital II (GP), LLC, this Form 4 is being filed jointly by Felix J. Baker and Julian C. Baker, each of whom may be deemed to have a pecuniary interest in securities owned by it. Julian C. Baker is a director of the Issuer.  Because of certain business and family relationships with other security holders of the Issuer, the Reporting Persons are filing solely for informational purposes as if they were members of a group with such security holders. However, the Reporting Persons disclaim that they and any other person in fact constitute a "group" for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, or Rule 13d-5 thereunder or that they are the beneficial owner of securities owned by such other persons.</footnote><footnote id="F2">R
epresents 492,300 shares purchased by Baker Biotech Fund II, L.P. and 64,050 shares purchased by Baker Biotech Fund II (Z), L.P.</footnote><footnote id="F3">Represents 956,257 shares owned by Baker Biotech Fund II, L.P. and 64,050 shares owned by Baker Biotech Fund II (Z), L.P., limited partnerships of which the sole general partner is Baker Biotech Capital II, L.P., a limited partnership of which the sole general partner is Baker Biotech Capital II (GP), LLC. Felix J. Baker and Julian C. Baker are controlling members of Baker Biotech Capital II (GP), LLC.</footnote></footnotes><ownerSignature><signatureName>/s/  Julian C. Baker</signatureName><signatureDate>2003-09-23</signatureDate></ownerSignature><ownerSignature><signatureName>/s/ Julian C. Baker, as Managing Member of Baker Biotech Capital II (GP), LLC</signatureName><signatureDate>2003-09-23</signatureDate></ownerSignature><ownerSignature><signatureName>/s/ Felix J. Baker</signatureName><signatureDate>2003-09-23</signatureDate></ownerSignature></owners
hipDocument>



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