Intercept Pharmaceuticals (NASDAQ:ICPT) Edges Up Pre-Market as Offering Prices at Slim Discount


Intercept Pharmaceuticals (NASDAQ:ICPT) shares edged higher in Friday’s pre-market session, after the clinical-stage biopharmaceutical company late Thursday said its public offering of 1 million common shares priced at $320 per share, a discount of just 0.6% to its Thursday closing price.  The stock climbed as investors were encouraged by the relatively tiny discount. It was up 1.9% at $328 in recent pre-market trading, in a 52-week range of $30.38 to $497.00.

The offering includes 600,000 shares sold by Intercept (NASDAQ:ICPT), with net proceeds to the company of about $183.3 million, while the remaining 400,000 were sold by certain institutional selling stockholders. The selling stockholders have granted the underwriters a 30-day option to buy up to another 150,000 shares and the offering is expected to close on or about April 9.  Also boosting sentiment for ICPT, a regulatory filing released late Thursday showed Chief Marketing Officer David Shapiro acquired about $184,200 of company stock between April 1 and 2.

In Other News:

Mylan (NASDAQ:MYL) shares jumped in Friday’s pre-market session, after the Financial Times reported the U.S. generic-drug producer is considering a takeover of Swedish rival Meda.  MYL was up 7.3% at $53.97 in recent pre-market trading, nearing the high end of its 52-week range of $27.66 to $57.52.  The FT article, which cited people familiar with the situation, said Mylan has appointed advisers to help it put together a deal for Meda. The process is at a preliminary stage, however, and no deal is certain, it noted.

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