Intercept Pharmaceuticals, Inc.

Company Name:
Intercept Pharmaceuticals, Inc. 
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Transaction Summary:
Intercept Pharmaceuticals, Inc. raised $86.3 million in its upsized initial public offering at $15.00 per share. Needham acted as a co-manager on the transaction. The Company‚Äôs underwriters fully exercised their option to purchase an additional 750,000 shares of common stock at the follow-on offering price to cover over-allotments. The net proceeds from the sale of the shares will be used by Intercept Pharmaceuticals, Inc. to fund (i) the continued clinical development of OCA in PBC, including a Phase 3 POISE trial and other studies and work necessary for anticipated FDA and EMA filings; (ii) the continuation of the longterm safety extension portion of the POISE trial and the Phase 3 clinical outcomes trial after the anticipated FDA and EMA filings; (iii) certain pre-commercialization activities of OCA for PBC; (iv) further preclinical development work on INT-767 and, if warranted, Phase 1 clinical trials of INT-767; and (v) if warranted, initiation of a Phase 2 clinical trial for an additional indication for OCA, such as portal hypertension. Any remaining amounts will be used for general corporate purposes, general and administrative expenses, capital expenditures, working capital and prosecution and maintenance of intellectual property. 
Company Description:
Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT) is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat orphan and more prevalent liver diseases utilizing its expertise in bile acid chemistry. The company's lead product candidate, obeticholic acid, or OCA, is a bile acid analog and first-in-class agonist of the farnesoid X receptor (FXR). OCA is initially being developed for the second line treatment of primary biliary cirrhosis (PBC) in patients with an inadequate response to, or who are unable to tolerate, ursodiol, the only approved therapy for this indication. PBC is a chronic autoimmune liver disease that may progress to cirrhosis and liver failure, and it is currently the fifth leading indication for liver transplant in the United States. OCA has orphan drug designation in both the United States and Europe for the treatment of PBC. Intercept owns worldwide rights to OCA outside of Japan and China, where it has outlicensed the product candidate to Dainippon Sumitomo Pharma (DSP). 
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