Orrick Advises Underwriters in $172.5 Million Follow-on Offering by Intercept Pharmaceuticals


Orrick represented Credit Suisse and Jefferies as underwriters for a follow-on public offering of 2,695,313 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 approximately $172.5 million for Intercept.

Intercept (Nasdaq: ICPT) is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases. The net proceeds to Intercept from the offering, together with approximately $100 million in proceeds from a concurrent private placement of common stock, are expected to be used for working capital and general corporate purposes, which may include, among other things, funding the ongoing commercialization of the company’s one marketed product and the continued advancement of its clinical, research and development programs.

Orrick previously advised the underwriters in Intercept’s $460 million convertible bond offering and two follow-on offerings of common stock for aggregate gross proceeds of $570 million.

The Orrick team that advised the underwriters in the follow-on offering was led by Capital Markets partners Christopher Austin and Stephen Ashley, and included associates Kenneth Marx, Vinella Sido and Conner Pine.

For Orrick’s announcements regarding Intercept’s convertible bond offering and previous follow-on offerings, please see below.