Benzinga - by Vandana Singh, Benzinga Editor.
Italy-based Alfasigma has agreed to acquire Intercept Pharmaceuticals Inc (NASDAQ: ICPT) for $19.00 per share in cash.
The purchase price represents a premium of 82% to Intercept's closing stock price on September 25, 2023.
The anticipated transaction will materially expand Alfasigma's gastrointestinal and hepatology portfolio and its presence in the U.S. market.
Intercept's lead medicine is Ocaliva (obeticholic acid), a farnesoid X receptor agonist approved in the U.S. and several other jurisdictions for primary biliary cholangitis combined with ursodeoxycholic acid.
Ocaliva is the only approved second-line therapy for primary biliary cholangitis and has experienced double-digit year-over-year growth supported by an experienced specialty sales force and a strong prescriber base.
Intercept also benefits from a broader clinical development pipeline anchored by a novel fixed-dose combination of obeticholic acid and bezafibrate in phase 2 trials for PBC.
Mr. Stefano Golinelli, Chairman of the Alfasigma Board, said, "Today's proposed acquisition is aligned with our strategy to build presence in the U.S. market, with a focus in our core gastroenterological area while adding another important asset to our innovation pipeline. This acquisition will contribute to the ambitious growth strategy designed for our company."
The transaction is expected to close by the end of 2023. Upon completion of the transaction, Intercept's common stock will no longer be publicly listed.
Price Action: ICPT shares are up 76.0% at $18.38 during the premarket session on the last check Tuesday.
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