Alfasigma expands in the USA, takeover bid for Intercept

2023-09-27 17:45:47

‘Stars and Stripes’ shopping for the Italian Alfasigma. The Bologna-based pharmaceutical company has launched a public tender offer to acquire all the ordinary shares of the American Intercept Pharmaceuticals at a price of 19 dollars per share, with a premium of 82% compared to the closing price of Intercept shares on September 25 . A takeover bid launched entirely in cash – we read in a note – which will substantially expand Alfasigma’s portfolio in gastroenterology and hepatology and the company’s presence on the US market. The closing of the transaction, with an estimated value of approximately 794 million dollars and unanimously approved by the members of the Intercept Board of Directors who took part in the resolution, is expected by the end of 2023. Upon completion of the acquisition, the ordinary shares of Intercept will no longer be listed on the stock exchange.

Intercept’s lead drug is Ocaliva* (obeticholic acid), a Farnesoid ursodeoxycholic acid (Udca) in adult patients with an inadequate response to Udca, or as monotherapy in adult patients intolerant to Udca. Ocaliva is the only second-line therapy approved for PBC and has experienced double-digit year-over-year growth, supported by a specialized sales force and a strong base of medical specialists. Intercept also has a broader pipeline of projects in various stages of development, including a new fixed-dose combination of obeticholic acid and bezafibrate currently in Phase 2 testing for PCB.

“The acquisition announced today – declares Stefano Golinelli, president of Alfasigma – is in line with our strategy aimed at building a strong presence in the US market, with particular attention to our core gastroenterology area, and adds another important asset to our innovation pipeline. This acquisition will contribute to our company’s ambitious growth strategy.” For CEO Francesco Balestrieri “the acquisition of Intercept marks another important milestone in Alfasigma’s growth path, in particular with regard to the US market where we have important development objectives. Intercept integrates perfectly with Alfasigma’s core business , gastroenterology and hepatology. We believe the transaction represents a transformational opportunity for both companies. We are excited to welcome the Intercept team and look forward to working together to invest in and build the company. full potential, for the benefit of patients.”

“We are pleased to announce this transaction with Alfasigma – comments Jerry Durso, president and CEO of Intercept – which provides significant value to shareholders and recognizes the value of our portfolio, our R&D and commercial capabilities and our talents throughout the world. organization. The Intercept team is proud of the cutting-edge and innovative work we do to pioneer life-saving medicines for patients with rare and serious liver diseases like PBC.”