Alfasigma S.p.A announced on September 25 that it acquired Intercept Pharmaceuticals for more than $793.87 million. According to data captured in the LevinPro HC database, this transaction represents the 81st Pharmaceutical acquisition of the year.
Intercept Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare and serious liver diseases, including primary biliary cholangitis and severe alcohol-associated hepatitis. The company announced revenues of $285.71 million for the full year ending on December 31, 2022.
One of Intercept’s lead products is Ocaliva®, which is the only FDA-approved second-line treatment for Primary Biliary Cholangitis, a progressive autoimmune disease affecting the liver. Ocaliva generated revenue of $152 million in the first half of 2023 and® will bolster Alfasigma’s pipeline.
Based in Italy, Alfasigma is an integrated multinational pharmaceutical company with R&D facilities in Bologna and Pomezia, three production plants in Italy and two abroad, roughly 3,000 employees, an on-site presence in 17 markets plus an indirect presence in approximately 70 countries.
Barclays and Centerview Partners are serving as financial advisors to Intercept. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Intercept. PJT Partners is acting as exclusive financial advisor to Alfasigma. Sullivan & Cromwell LLP and Chiomenti Studio Legale are serving as legal counsel to Alfasigma. The transaction is expected to close by the end of 2023 when Intercept’s common stock will no longer be publicly listed.
The transaction price represents an 82% premium to Intercept’s closing price on September 25, 2023. The transaction will be fully financed by Alfasigma’s existing cash on hand and existing corporate credit facilities. As of June 30, 2023, Intercept Pharmaceuticals had 41,782,727 common stock shares which were sold for $19 per share, totaling approximately $794 million.
