Intercept Pharmaceuticals Announces Pricing of Public Offering of Common Stock
NEW YORK, June 18, 2013
NEW YORK, June 18, 2013 /PRNewswire/ --Intercept Pharmaceuticals, Inc.
(NASDAQ: ICPT), a clinical stage biopharmaceutical company focused on the
development and commercialization of novel bile acid therapeutics to treat
chronic liver diseases, today announced the pricing of an underwritten public
offering of 1,730,000 shares of its common stock at a public offering price of
$33.01 per share. In addition, Intercept has granted the underwriters a
30-day option to purchase up to an additional 259,500 shares of common stock.
All of the shares in the offering are to be sold by Intercept, with expected
net proceeds to Intercept of approximately $53.3 million, after deducting
underwriting discounts and commissions and estimated offering expenses, but
excluding any exercise of the underwriters' option to purchase additional
shares of common stock. The offering is expected to close on or about June 24,
2013, subject to customary closing conditions.
BofA Merrill Lynch and Citigroup are acting as joint book-running managers,
BMO Capital Markets is acting as lead manager and Needham & Company, Wedbush
PacGrow Life Sciences and Janney Montgomery Scott are acting as co-managers
for the offering.
A registration statement on Form S-1 relating to the shares of common stock
being sold in this offering was declared effective by the Securities and
Exchange Commission on June 18, 2013. A preliminary prospectus relating to
the offering has been filed with the SEC, and a final prospectus relating to
the offering will be filed with the SEC. Copies of the final prospectus, when
available, may be obtained from the offices of BofA Merrill Lynch, 222
Broadway, New York, NY 10038, Attn: Prospectus Department, or via email, at
firstname.lastname@example.org; or Citigroup c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, via telephone at
1-800-831-9146 or email at email@example.com.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
Intercept is a biopharmaceutical company focused on the development and
commercialization of novel therapeutics to treat orphan and more prevalent
liver diseases utilizing its expertise in bile acid chemistry. The company's
lead product candidate, obeticholic acid (OCA), is a bile acid analog and
first-in-class agonist of the farnesoid X receptor (FXR). OCA is initially
being developed for the second line treatment of primary biliary cirrhosis
(PBC) in patients with an inadequate response to, or who are unable to
tolerate, ursodiol, the only approved therapy for this indication. OCA has
received orphan drug designation in both the United States and Europe for the
treatment of PBC. Intercept owns worldwide rights to OCA outside of Japan and
China, where it has out-licensed the product candidate to Dainippon Sumitomo
For more information about Intercept, please contact Mark Pruzanski, MD, or
Barbara Duncan, both of Intercept Pharmaceuticals at 1-646-747-1000.
SOURCE Intercept Pharmaceuticals
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