Intercept Pharmaceuticals, a US-based liver drugs maker based on work at Italy’s University of Perugia, has raised $75m in its initial public offering [IPO].
The flotation in October was advised by banks BofA Merrill Lynch, Needham & Co, Wedbush PacGrow, ThinkEquity and Life Sciences.
The company sold 5 million shares at $15 per share each, according to its filing with US regulator the Securities and Exchange Commission.
The company is majority-owned by Genextra (69.4% stake, pre-IPO), which was created in 2004 by a group of Italian entrepreneurs and financial institutions in partnership with leading scientists from the European Institute of Oncology (IEO) and has €96m in funds.
In August OrbiMed Advisors (16.9% stake, pre-IPO) led Intercept’s C round, with Genextra, also participating.
Founded by Dr. Mark Pruzanski in 2002, Intercept had previously raised about $45m from private investors, including Italy-based Genextra, US-based venture capital firm Visium and Jafco Life Science Investment, which raised about a quarter of its latest near Y240bn ($3bn) fund from corporations.
Intercept has licensed its lead drug to Japan-based Dainippon Sumitomo Pharma in a $315m deal and also struck a $163m deal with France’s Servier.