Funding roundup: Intercept, Insmed, Synta

Intercept Pharmaceuticals Inc. (NASDAQ:ICPT), Insmed Inc. (NASDAQ:INSM) and Synta Pharmaceuticals Corp. (NASDAQ:SNTA) raised more than $580 million in follow-on offerings on Tuesday.

Intercept raised $338.4 million through the sale of 1.2 million shares at $282 in a deal underwritten by UBS and Citigroup. Intercept proposed the offering pre-market Tuesday. The stock fell $13.89 to $282.02 on the day. Last month, the company raised $176 million in a follow-on through the sale of 1 million shares after FDA granted breakthrough therapy designation for the biotech's OCA obeticholic acid ( DSP-1747) to treat non-alcoholic steatohepatitis (NASH) with liver fibrosis (see BioCentury Extra, Feb. 5). ...