8-K

                       SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D. C.  20549

                                  ____________



                                    FORM 8-K



                                 CURRENT REPORT



                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                        DATE OF REPORT: FEBRUARY 15, 2000
                        (Date of earliest event reported)


                          INCYTE PHARMACEUTICALS, INC.
             (Exact name of registrant as specified in its charter)


               DELAWARE               0-27488          94-3136539
      (State or other jurisdiction  (Commission      (IRS Employer
           of incorporation)        File Number)  Identification No.)


           3174 PORTER DRIVE, PALO ALTO, CALIFORNIA            94304
           (Address of principal executive offices)          (Zip Code)


       Registrant's telephone number, including area code:  (650) 855-0555



Item  5.     Other  Events.
             -------------

     Attached hereto as Exhibit 99.1 and incorporated by reference herein is the
press  release  dated  February  15,  2000  announcing

Item  7.  Financial  Statements  and  Exhibits.
          ------------------------------------

     (c)     Exhibits

99.1     Press  release  dated  February  15, 2000 announcing the issuance of an
additional  $50  million  of  convertible  subordinated  notes  by  the Company.








                                    SIGNATURE


     Pursuant  to  the  requirements of the Securities Exchange Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  hereunto  duly  authorized.


     Dated:  February  15,  2000


INCYTE  PHARMACEUTICALS,  INC.



By     /s/  John  M.  Vuko
       -------------------
Name:     John  M.  Vuko

Title:     Executive  Vice  President  and
     Chief  Financial  Officer

EX-99.1

EXHIBIT  99.1


FOR  IMMEDIATE  RELEASE
- -----------------------

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

Teresa  Gaines
Media  Relations
(650)  621-8711

                   INCYTE ANNOUNCES INCREASE IN OFFERING SIZE
                   AND COMPLETION OF CONVERTIBLE NOTE OFFERING

PALO ALTO, CALIFORNIA, FEBRUARY 15, 2000 - Incyte Pharmaceuticals, Inc. (Nasdaq:
INCY)  announced  today  that  its  recent private placement of 5.5% Convertible
Subordinated Notes Due 2007 has been increased by $50 million to a total of $200
million  principal  amount  of  Notes.  The  initial  purchasers exercised their
option  to  purchase  the  additional $50 million of Notes, and the offering has
been  completed.  The  Notes  are  convertible  into  Incyte  common stock at an
initial  conversion  price  of  approximately  $134.84  per  share.

Incyte  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 the
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  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.