We are investigating the fairness of the proposed sale of Intercept Pharmaceuticals, Inc. (Nasdaq: ICPT) (“Intercept”) to Alfasigma for $19.00 per share in cash.
If you remain an Intercept shareholder and have concerns about the fairness of the price, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
Why is there an investigation?
On September 26, 2023, Intercept announced that it had agreed to be sold for $19.00 per share in cash to the Italian pharmaceutical company Alfasigma.
“We are investigating whether the Intercept Board of Directors acted in the best interests of Intercept shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Intercept shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”
Notably, Canaccord analyst Edward Nash recently raised Intercept’s price target to $20.00 from $18.00 and kept a Buy rating on the shares. The Canaccord analyst report said that given significant cost-cutting measures and continued growth in Ocaliva (Intercept’s drug for treating the liver disease primary biliary cirrhosis), Intercept seemed well on its way to achieving profitability.
The deal price is also below Intercept’s 52-week high of $21.86 per share, which indicates an opportunistic purchase.