Intercept Pharma IPO prices at $15 per share
NEW YORK -- Drug developer Intercept Pharmaceuticals Inc. said Thursday its initial public offering of 5 million shares priced at $15 per share, at the high end of the company's expectations.
Intercept had planned to sell 4.3 million shares and said they would start trading at $13 to $15 per share. The company's shares will start trading Thursday on the Nasdaq Global Market under the symbol "ICPT." The underwriters of the IPO will have an option to buy another 750,000 shares.
Intercept is based in New York and it is developing treatment for chronic liver diseases.
BofA Merrill Lynch is the book-running manager of the IPO. BMO Capital Market is the lead manager and the co-managers are Needham Co., Wedbush PacGrow, and ThinkEquity.