Intercept Pharma gains on restructuring plan, job cuts

Intercept Pharmaceuticals

23/06/2023 12:46

** Shares of Intercept Pharmaceuticals  ICPT.O  up 5.4% at
$12.17 before the bell 
    ** Co announces restructuring plan, to reduce about 1/3rd of
its workforce after U.S. health regulator declined to grant
accelerated approval for its drug to treat a type of fatty liver
disease called non-alcoholic steatohepatitis (NASH)
    ** ICPT will also discontinue all NASH-related investment
and focus operations on rare and serious liver diseases
    ** Expects to reduce annual adj. operating expenses by about
 $140 mln
    ** ICPT expects to achieve profitability in 2024
    ** As of last close, ICPT down ~7% YTD

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))