Orrick Advises Underwriters on $367.3 Million Follow-on Offering by Intercept Pharmaceuticals

April.06.2015

Orrick represented UBS Securities and Citigroup as underwriters for a follow-on public offering of 1,330,865 shares of common stock by Intercept Pharmaceuticals, Inc. (“Intercept”), including shares purchased by the underwriters pursuant to an option to purchase additional shares. The offering resulted in gross proceeds of approximately $367.3 million for Intercept. The underwriters purchased the shares in a bought deal, intending to offer the shares from time to time for sale in one or more transactions at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.

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 partner Brian Margolis and associate Kenneth Marx.