Proceeds used for clinical development and general corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 11 - Intercept Pharmaceuticals, Inc. said it priced its $75 million initial public offering of stock at $15.00 per share. It expects the shares to trade on the Nasdaq under the symbol "ICPT." The deal was announced Sept. 4.
The company will sell 5 million common shares. The underwriters have an $11.25 million greenshoe.
BofA Merrill Lynch is the sole bookrunning manager.
Proceeds will be used for clinical development, studies, clinical trials, pre-commercialization activities, preclinical development work, general corporate purposes, general and administrative expenses, capital expenditures, working capital and prosecution and maintenance of intellectual property.
New York-based Intercept Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small molecule drugs for the treatment of chronic liver and metabolic diseases.
| Issuer: | Intercept Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $75 million
|
| Greenshoe: | $11.25 million
|
| Shares: | 5 million
|
| Price: | $15.00
|
| Warrants: | No
|
| Bookrunners: | BofA Merrill Lynch
|
| Co-managers: | Needham & Co., LLC, Wedbush PacGrow Life Sciences and ThinkEquity LLC
|
| Announcement date: | Sept. 4
|
| Pricing date: | Oct. 10
|
| Stock exchange: | Nasdaq: ICPT
|
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