Press Release October 16, 2012

Goodwin Procter Represents Underwriters in Intercept Pharmaceuticals IPO

A team of Goodwin Procter attorneys advised the underwriters, led by client Bank of America Merrill Lynch as the book-running manager, in the recent successful initial public offering by Intercept Pharmaceuticals.

Intercept, a New York-based developer of bile-acid derived therapeutics for chronic liver diseases, increased its offering to 5 million shares at $15 from its original plan to offer 4.3 million shares at between $13-$15, and following the first day of trading the underwriters exercised their option to buy an additional 750,000 shares, so that Intercept ultimately sold 5,750,000 shares at $15.00. The company is listed on Nasdaq under the ticker symbol ICPT.

The stock increased 29 percent to $19.40 on its first day of trading Oct. 11, a bright spot as other biotech firms have cut share prices or delayed their IPOs altogether. Intercept expects the offering to result in net proceeds of $78.7 million to the company.

Bank of America Merrill Lynch acted as sole book-running manager, along with BMO Capital Markets as lead manager and Needham & Company, Wedbush PacGrow Life Sciences and ThinkEquity LLC as co-managers. Major institutional shareholders include Genextra and OrbiMed Advisors.

The Goodwin team that advised Bank of America Merrill Lynch included Ilan NissanDuncan Greenhalgh and Chad Davis.