BofA Merrill Lynch and Citigroup were bookrunners; BMO also assisted
By Devika Patel
Knoxville, Tenn., June 24 - Intercept Pharmaceuticals, Inc. said the underwriters for its public offering of stock opted to exercise the deal's $8.57 million greenshoe in full for total proceeds of $65.67 million. The deal was announced June 17 and priced for $57.11 million with the greenshoe on June 19.
The company sold 1,989,500 common shares at $33.01 per share. The price per share is identical to the June 18 closing share price. Of the shares, 259,500 comprised the greenshoe.
BofA Merrill Lynch and Citigroup were the joint bookrunners.
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: | $65,673,395 (including $8,566,095 greenshoe)
|
| Shares: | 1,989,500
|
| 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: | $648.17 million
|
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