INTERCEPT PHARMACEUTICALS, INC. (NASDAQ:ICPT) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
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INTERCEPT PHARMACEUTICALS, INC. (NASDAQ:ICPT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

On February 13, 2018, Intercept Pharmaceuticals, Inc. (the “Company”) and Sumitomo Dainippon Pharma Co., Ltd. (“Sumitomo Dainippon”) entered into Amendment No. 3 (the “Amendment”) to that certain License Agreement dated as of March 29, 2011 between the Company and Sumitomo Dainippon (as amended by amendment No. 1 dated as of June 8, 2011 and amendment No. 2 dated as of September 16, 2011, collectively (the “Agreement”)).

Under the Agreement the Company granted Sumitomo Dainippon an exclusive license to research, develop and commercialize obeticholic acid (“OCA”) as a therapeutic for the treatment of PBC and NASH in Korea, Japan and China (excluding Taiwan) (collectively, the “Licensed Territories”). In addition, the Company granted Sumitomo Dainippon an option to research, develop and commercialize OCA in certain countries outside of the Licensed Territories (the “Country Option”).

Under the Amendment, Sumitomo Dainippon agreed to return the rights to develop and commercialize OCA in Japan and Korea and the Company agreed to forego any further milestone or royalty payments relating to the development and commercialization of OCA in such countries. In addition, Sumitomo Dainippon waived its rights to the Country Option and the parties adjusted certain milestone payment obligations with respect to the development and commercialization of OCA. The parties also agreed that if certain clinical development milestones in China are not met by December 31, 2020, Sumitomo Dainippon may choose either to pay the Company a milestone payment or terminate the Agreement.

The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the document to be filed as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending March 31, 2018.


About INTERCEPT PHARMACEUTICALS, INC. (NASDAQ:ICPT)

Intercept Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics to treat non-viral, progressive liver diseases. The Company’s product candidates have the potential to treat orphan and more prevalent diseases for which there are limited therapeutic solutions. The Company’s product candidate, obeticholic acid (OCA), is a bile acid analog, a chemical substance that has a structure based on a naturally occurring human bile acid that selectively binds to and activates the farnesoid X receptor (FXR). The Company is developing OCA for the treatment of liver diseases, such as primary biliary cirrhosis (PBC), non-alcoholic steatoheptitis (NASH), primary sclerosing cholangitis (PCS) and biliary atresia. The Company is also developing other products INT-767 for the treatment of fibrosis and INT-777 for the treatment of type 2 diabetes.