Orrick Advises Underwriters on $202.4 Million Follow-on Offering by Intercept Pharmaceuticals


Orrick represented Citigroup, RBC Capital Markets and Deutsche Bank Securities as joint book-running managers, and Citigroup and RBC Capital Markets as representatives of the several underwriters, for a follow-on public offering of 1,150,000 shares of common stock by Intercept Pharmaceuticals, Inc. (“Intercept”), including shares purchased by the underwriters upon exercise of their entire option to purchase additional shares.  The offering resulted in gross proceeds of $202.4 million for Intercept.  BMO Capital Markets acted as lead manager and Nomura, Wedbush PacGrow Life Sciences, JMP Securities, Needham & Company, Oppenheimer & Co. and Summer Street Research Partners acted as co-managers.

Intercept (NASDAQ: ICPT) is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat chronic liver diseases.  The net proceeds to the company from the offering are expected to be used to fund expansion of its clinical and other infrastructure in the United States and Europe, continued clinical development of its products and preparation for a new commercial launch, with any balance to be used for general corporate purposes.

The Orrick team was led by Capital Markets partner Christopher Austin and included Capital Markets of counsel Stephen Ashley and associates Kenneth Marx and Spencer Cohen.