NEW YORK, April 6, 2015 (GLOBE NEWSWIRE) -- Intercept Pharmaceuticals, Inc. (Nasdaq:ICPT) (Intercept), a clinical stage biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat neglected chronic liver diseases, today announced the completion of its previously announced underwritten public offering of 1,200,000 shares of its common stock. In addition, Intercept today announced the completion of the sale of an additional 130,865 shares of its common stock pursuant to the partial exercise of the underwriters' option to purchase additional shares.
All shares in the offering were sold by Intercept to the underwriters at a price of $276.00 per share. Net proceeds to Intercept from the sale of 1,330,865 shares of its common stock in the offering are expected to be approximately $366.8 million, after deducting estimated offering expenses.
UBS Investment Bank and Citigroup acted as underwriters in the offering.
The securities described above were offered by Intercept pursuant to an automatically effective shelf registration statement on Form S-3 (including a base prospectus) previously filed with the Securities and Exchange Commission (the SEC). Copies of the final prospectus may be obtained from the offices of UBS Investment Bank c/o Prospectus Department, 1285 Avenue of the Americas, New York, New York 10019, or by calling 1-888-827-7275; 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 jurisdiction.
Intercept is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat neglected chronic liver diseases. The company's lead product candidate, obeticholic acid (OCA), is a first-in-class agonist of the farnesoid X receptor (FXR). OCA is being developed for a variety of chronic liver diseases, including primary biliary cirrhosis (PBC), nonalcoholic steatohepatitis (NASH), primary sclerosing cholangitis (PSC) and biliary atresia. The FDA has granted OCA breakthrough therapy designation for the treatment of NASH with fibrosis and granted OCA fast track designation for the treatment of patients with PBC who have an inadequate response to or are intolerant of ursodiol. OCA has also received orphan drug designation in both the United States and Europe for the treatment of PBC and PSC. Intercept owns worldwide rights to OCA outside of Japan, China and Korea, where it has out-licensed the product candidate to Sumitomo Dainippon Pharma. Additional information about Intercept is available in the company's public filings, which are available at the SEC's EDGAR database available online at www.sec.gov.
CONTACT: For more information about Intercept, please contact Barbara Duncan or Senthil Sundaram, both of Intercept Pharmaceuticals at +1-646-747-1000. Media inquiries: firstname.lastname@example.org Investor inquiries: email@example.com
Source:Intercept Pharmaceuticals, Inc.