Intercept Pharmaceuticals Announces Convertible Notes Repurchase
September 13 2021 - 8:00AM
Intercept Pharmaceuticals, Inc. (Nasdaq: ICPT) (“Intercept”),
a biopharmaceutical company focused on the development and
commercialization of novel therapeutics to treat progressive
non-viral liver diseases, announced today that it has entered into
privately negotiated agreements with certain of the holders of its
existing 3.25% Convertible Senior Notes due 2023 (the “2023 Notes”)
to repurchase an aggregate of $39.9 million principal amount of
2023 Notes for $38.1 million in cash. The repurchase is expected to
close promptly, subject to and following customary closing
conditions.
Net of this repurchase and the previously announced convertible
notes exchange, Intercept’s 2023 Notes have been reduced from
$460.0 million principal balance to $113.7 million principal
balance. Jerry Durso, President and Chief Executive Officer, said,
“With this repurchase, and our previously announced convertible
notes transactions, Intercept has retired over 75% of our 2023 debt
maturity obligation. We retain a strong position of cash, cash
equivalents, restricted cash and investment debt securities
available for sale, and the recent actions to manage our debt
obligations will allow us to focus on executing our business
plan.”
About Intercept
Intercept is a biopharmaceutical company focused on the
development and commercialization of novel therapeutics to treat
progressive non-viral liver diseases, including primary biliary
cholangitis (PBC) and nonalcoholic steatohepatitis (NASH). Founded
in 2002 in New York, Intercept has operations in the United States,
Europe and Canada.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements,
including, but not limited to, statements related to the 2023 Notes
repurchase, Intercept’s financial position, and Intercept’s future
operations and performance. These statements constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The words
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“plan,” “predict,” “project,” “target,” “potential,” “will,”
“would,” “could,” “should,” “possible,” “continue,” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this release, and Intercept undertakes no obligation
to update any forward-looking statement except as required by law.
These forward-looking statements are based on estimates and
assumptions by Intercept’s management that, although believed to be
reasonable, are inherently uncertain and subject to a number of
risks. There can be no assurance that Intercept will be able to
complete the 2023 Notes repurchase on acceptable terms, or at all.
Actual results may differ materially from historical results or
those anticipated or predicted by Intercept’s forward-looking
statements as a result of various important factors, including, but
not limited to, whether or not Intercept will be able to consummate
the repurchase on the timeline or with the terms anticipated, if at
all; the performance of our business, including our research and
development, our regulatory approvals, and our results of
operations; the impact of general U.S. and foreign economic,
industry, market, regulatory or political conditions; and the other
risks and uncertainties identified in Intercept’s periodic filings
filed with the U.S. Securities and Exchange Commission, including
Intercept’s Annual Report on Form 10-K for the year ended December
31, 2020 and Intercept’s Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2021 and June 30, 2021.
Contact
For more information about Intercept, please contact:
Lisa DeFrancesco+1-646-565-4833investors@interceptpharma.com
Christopher Frates+1-646-757-2371media@interceptpharma.com
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