Alfasigma, one of the largest Italian pharma companies, has entered into an agreement to acquire Intercept Pharmaceuticals (NASDAQ:ICPT) for $19 per share in cash.
This move is expected to substantially expand Alfasigma's gastrointestinal and hepatology portfolio, as well as its presence in the U.S. pharmaceutical market, the company said.
“Today’s proposed acquisition is aligned with our strategy to build presence in the U.S. 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,” Mr. Stefano Golinelli, Chairman of Alfasigma Board, said.
The purchase price of $19 per share represents an 82% premium over Intercept's closing stock price on September 25, 2023.
Jerry Durso, president and chief executive officer of Intercept said that the deal “recognizes the value of our portfolio, R&D and commercial capabilities and our talented people across the organization.”
The transaction is set to be completed by the end of 2023.