Intercept to sell in $800M cash buyout after second NASH rejection sank hopes
Intercept Pharmaceuticals plans to hand over its liver disease drug Ocaliva and other pipeline projects to Italian pharma Alfasigma in a $19 per-share cash deal after grappling with repeat FDA rejections for its NASH drug candidate.
The deal offer is an 82% premium to Intercept’s closing price of $10.44 on Monday and is expected to close by year’s end, the companies said Tuesday. The acquisition is worth about $750 million to $800 million, “which we view as fair for ICPT holders,” Jefferies analyst Michael Yee wrote in a note shortly after the deal’s disclosure.
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