M&A

Alfasigma and Intercept Pharmaceuticals have announced that they have entered into a definitive merger agreement, meaning Alfasigma will acquire Intercept for $19 per share. This is intended to expand Alfasigma’s gastrointestinal and hepatology portfolio and its presence within the US market.

Ocaliva (obeticholic acid) is Intercept’s lead medicine and is approved in the US and other areas for the treatment of primary biliary cholangitis (PBC) in combination with ursodeoxycholic acid (UDCA) in adults with an inadequate response to UDCA, or as a monotherapy in those unable to tolerate UDCA. This drug is the only approved second-line treatment for PBC. Intercept also has a novel-fixed dose combination of obeticholic acid and bezafibrate currently in phase 2 trials for PBC.

Francesco Balestrieri, CEO of Alfasigma, commented: “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. We are excited to welcome Intercept employees and look forward to working together as we invest in the company to realise the full potential, to the benefit of patients.”

Jerry Durso, president and CEO of Intercept, added: “We are pleased to announce this transaction with Alfasigma, which delivers significant value to shareholders. Importantly, it recognises the value of our portfolio, R&D and commercial capabilities and our talented people across the organisation. 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.”

Stefano Golinelli, chairman of Alfasigma Board, stated: “Today’s proposed acquisition is aligned with our strategy to build presence in the US market, with a focus in our core gastroenterological area while adding another important asset to our innovation pipeline. This acquisition will contribute to the ambitious growth strategy designed for our company.”