Intercept, Exact Sciences price follow-ons
Intercept Pharmaceuticals Inc. (NASDAQ:ICPT) and Exact Sciences Corp. (NASDAQ:EXAS) both raised money in follow-ons on Friday. Intercept raised $192 million through the sale of 600,000 shares at $320. BofA Merrill Lynch; Citigroup; Goldman Sachs; Deutsche Bank; BMO Capital Markets; Needham; Oppenheimer; Wedbush PacGrow; JMP Securities; and Summer Street were underwriters. Intercept proposed the offering late Tuesday, when its share price was $334.19. Intercept shareholders raised $128 million through the sale of 400,000 shares in a concurrent secondary offering.
By year end, Intercept plans to submit an NDA to FDA and an MAA to EMA for obeticholic acid ( OCA) to treat primary biliary cirrhosis (PBC). The product is an oral farnesoid X receptor (FXR; NR1H4) agonist (see BioCentury Extra, March 17). ...