BofA Merrill Lynch and Citigroup are bookrunners; BMO also assists
By Devika Patel
Knoxville, Tenn., June 19 - Intercept Pharmaceuticals, Inc. said it priced a $57.11 million public offering of stock with an $8.57 million greenshoe. The deal was announced Monday.
The company will sell 1.73 million common shares at $33.01 per share. The price per share is identical to the June 18 closing share price.
BofA Merrill Lynch and Citigroup are the joint bookrunners.
Settlement is expected June 24.
Proceeds will be used for the development of the company's lead product candidate, obeticholic acid, for additional indications beyond primary biliary cirrhosis; the long-term safety extension portion of the company's POISE trial and a proposed phase 3 clinical outcomes trial after the anticipated filings with the U.S. Food and Drug Administration and European Medicines Agency, pre-commercialization and potential commercial launch activities of obeticholic acid for primary biliary cirrhosis and general corporate purposes, including general and administrative expenses, capital expenditures, working capital and prosecution and maintenance of the company's 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: | $57,107,300
|
| Greenshoe: | $8,566,095
|
| Shares: | 1.73 million
|
| Price: | $33.01
|
| Warrants: | No
|
| Bookrunners: | BofA Merrill Lynch and Citigroup
|
| Lead manager: | BMO Capital Markets
|
| Co-managers: | Needham & Co., Wedbush PacGrow Life Sciences and Janney Montgomery Scott
|
| Announcement date: | June 17
|
| Pricing date: | June 19
|
| Settlement date: | June 24
|
| Stock symbol: | Nasdaq: ICPT
|
| Stock price: | $33.01 at close June 18
|
| Market capitalization: | $615.9 million
|
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