Intercept Pharmaceuticals

The biotech: Intercept Pharmaceuticals
Round: $30 million
Based: New York City
CEO: Mark Pruzanski
Investors: OrbiMed Advisors, Undisclosed Investor

The scoop: It's a rare day when a biotech company can go public at the top end of its range. Last week, two of them managed it on the same day, and one was Intercept Pharmaceuticals. The company filed for an IPO just days after it had banked this $30 million round, which was designed to help fuel a late-stage trial for Intercept's orphan drug for a chronic liver condition. The star of Intercept's show is obeticholic acid, or OCA, which it calls a "first-in-class agonist of the farnesoid X receptor, or FXR, which we believe has broad liver-protective properties." The treatment is in Phase III for second line treatment of primary biliary cirrhosis, a condition in which toxic levels of bile build up in the liver. The developer also has a slate of mid-stage studies under way for other liver conditions. Dainippon Sumitomo gained the rights for China and Japan with a $315 million deal while Servier has partnered on its Type 2 diabetes drug work.

For more:
Intercept Pharma, Kythera Bio jump out of the IPO gate
Intercept Pharma files for $75M IPO to back PhIII liver drug
Intercept Pharma snags $30M round amid PhIII for liver-disease drug

Intercept Pharmaceuticals
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