Intercept Pharmaceuticals Announces Proposed $120 Million Public Offering

Intercept Pharmaceuticals (Nasdaq:ICPT), a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases, today announced that it is commencing an underwritten public offering to sell, subject to market and other conditions, up to $120 million of its common stock. In connection with the public offering, Intercept also intends to grant to the underwriters a 30-day option to purchase up to an additional $18 million of its common stock.

As quoted in the press release:

Intercept intends to use the net proceeds from the public offering and concurrent private placement for working capital and general corporate purposes, which may include, among other things, funding the ongoing commercialization of Ocaliva in primary biliary cholangitis and the continued advancement of Intercept’s clinical, research and development programs. The public offering is subject to market and other conditions, and there can be no assurance as to whether or when the public offering may be completed, or as to the actual size or terms of the public offering.

Click here to read the full press release.