Proceeds used for clinical development and general corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 15 - Intercept Pharmaceuticals, Inc. said that the underwriters of its $75 million initial public offering exercised the $11.25 million greenshoe in full for total proceeds of $86.25 million. The deal was announced Sept. 4 and priced Oct. 11.
The company sold 5.75 million common shares at $15.00 per share. Of the shares, 750,000 were part of the fully exercised greenshoe.
Bank of America Merrill Lynch was the sole bookrunning manager.
Settlement is expected Oct. 16.
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: | $86.25 million (including $11.25 million greenshoe)
|
| Shares: | 5.75 million
|
| Price: | $15.00
|
| Warrants: | No
|
| Bookrunner: | Bank of America Merrill Lynch
|
| Co-managers: | BMO Capital Markets (lead), Needham & Co., LLC, Wedbush PacGrow Life Sciences and ThinkEquity LLC
|
| Announcement date: | Sept. 4
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 16
|
| Stock exchange: | Nasdaq: ICPT
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
