Intercept Pharmaceuticals Announces Summary of Key Actions in Strategic Financial Repositioning
Outstanding debt reduced by 54% or
Company well-positioned to drive continued growth in PBC, progress NASH program, expand and advance pipeline
As a result of the following strategic financial moves to improve its capital structure, Intercept is well-positioned to grow its existing business in PBC, progress its NASH program, and advance and expand its pipeline.
August 2021Secured Convertible Notes Exchange July 1st 2022Sale of International Business
- August /
September 2022Secured Convertible Notes Repurchases
The result of these activities has been to lower principal debt outstanding by 54% or
Intercept used a combination of cash from the sale of its international business as well as stock to fund the 2022 transactions. The net result has allowed the Company to grow its cash position to over
|Summary (In USD Millions)|
|Total Cash**||422.5||412.3||> 500.0|
|Principal Debt Outstanding||690.0||725.2||336.3|
|Annual Cash Interest Expense||19.6||23.4||9.8|
|* Based on Form 10-Q for
** Cash, cash equivalents, restricted cash, and investment debt securities available for sale.
“This is a transformational time on several fronts here at Intercept,” said
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). For more information, please visit www.interceptpharma.com or connect with the company on Twitter and LinkedIn.
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Source: Intercept Pharmaceuticals, Inc.