Intercept proposes follow-on

Intercept Pharmaceuticals Inc. (NASDAQ:ICPT) proposed to sell 600,000 shares in a follow-on underwritten by BofA Merrill Lynch; Citigroup; Goldman Sachs; Deutsche Bank; BMO Capital Markets; Needham; Oppenheimer; Wedbush PacGrow; JMP Securities; and Summer Street. If sold at Intercept's close of $334.19 on Tuesday, before the company proposed the offering, Intercept would raise $200.5 million. Shareholders also plan to sell 400,000 shares in the offering and would raise $133.7 million at Intercept's Tuesday close.

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 company's stock has jumped over 350% since the company said the Phase II FLINT trial evaluating OCA to treat non-alcoholic steatohepatitis (NASH) was stopped early after a planned interim analysis showed the oral farnesoid X receptor (FXR; NR1H4) agonist met the primary endpoint (see BioCentury Extra, March 17). ...