Intercept Pharmaceuticals (ICPT) IPO Trades 26% Higher

October 11, 2012 11:39 AM EDT
The IPO for Intercept Pharmaceuticals, Inc., (Nasdaq: ICPT) opened for trading earlier at $19.40 after pricing 5,000,000 shares at $15, the high end of the expected $13-$15 range. Shares currently trade at $18.87.

BofA Merrill Lynch is acting as sole book-running manager for the offering.
BMO Capital Markets is acting as lead manager and Needham & Company, LLC, Wedbush PacGrow Life Sciences and ThinkEquity LLC are acting as co-managers

Intercept 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).

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