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Intercept Pharmaceuticals Announces Completion of Public Offering and Exercise of Option to Purchase Additional Shares



Intercept Pharmaceuticals Announces Completion of Public Offering and Exercise
                   of Option to Purchase Additional Shares

PR Newswire

NEW YORK, June 24, 2013

NEW YORK, June 24, 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 completion of its previously
announced underwritten public offering of 1,730,000 shares of its common stock
at a public offering price of $33.01 per share.  In addition, the underwriters
have exercised in full their option to purchase an additional 259,500 shares
of common stock at the public offering price. 

All of the shares in the offering were sold by Intercept, with net proceeds to
Intercept of approximately $61.7 million, after deducting underwriting
discounts and commissions and estimated offering expenses.

BofA Merrill Lynch and Citigroup acted as joint book-running managers, BMO
Capital Markets acted as lead manager and Needham & Company, Wedbush PacGrow
Life Sciences and Janney Montgomery Scott acted as co-managers for the
offering. 

A registration statement on Form S-1 relating to the shares of common stock
sold in this offering was declared effective by the Securities and Exchange
Commission on June 18, 2013.  A final prospectus relating to the offering has
been filed with the SEC.  Copies of the final prospectus may be obtained from
the offices of BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn:
Prospectus Department, or via email, at dg.prospectus_requests@baml.com; or
Citigroup c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, via telephone at 1-800-831-9146 or email at
batprospectusdept@citi.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
jurisdiction.

About Intercept

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
Pharma.

SOURCE Intercept Pharmaceuticals

Contact: Mark Pruzanski, MD, or Barbara Duncan, both of Intercept
Pharmaceuticals at 1-646-747-1000.
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