Italy’s Alfasigma to acquire Intercept Pharmaceuticals for $794m
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Italian company Alfasigma has signed a definitive agreement for the acquisition of all issued and outstanding shares in Intercept Pharmaceuticals. Alfasigma will pay $19 for each share of Intercept.
The acquisition will help boost Alfasigma’s gastroenterology and hepatology pipeline, as well as its U.S. presence, the company noted in a press release. Alfasigma will gain access to Intercept’s Ocaliva, which is indicated for treating primary biliary cholangitis. Patients who are intolerant to UDCA can use Ocaliva as a monotherapy. Ocaliva is currently the only second-line approved therapy for PBC and is projected to generate between $320 million to $340 million this year.
Alfasigma CEO Francesco Balestrieri stated: “The acquisition of Intercept marks another important milestone in Alfasigma’s growth path, particularly with regard to the US market in which we have significant development objectives. “Intercept represents a compelling fit with Alfasigma’s core business areas of gastroenterology and hepatology, and we believe that the transaction represents a transformational opportunity for both companies.”
Intercept CEO Jerry Durso noted in a statement that the all-cash acquisition would deliver significant value to shareholders. “Importantly, it recognizes the value of our portfolio, R&D and commercial capabilities and our talented people across the organization,” Durso added. “The team at Intercept is proud of the breakthrough, innovative work that we have done as a pioneer, delivering life-saving medicine to patients with rare and serious liver diseases such as PBC.”
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