Intercept Pharma Discontinues NASH-Related Investment, Will Focus on Liver Diseases

By Stephen Nakrosis

Intercept Pharmaceuticals said it will discontinue its NASH-related investment and restructure operations to strengthen the company's focus on rare and serious liver diseases.

The decision comes after the company received a complete response letter from the Food and Drug Administration pertaining to its new drug application for obeticholic acid as a treatment of pre-cirrhotic fibrosis due to nonalcoholic steatohepatitis, or NASH. The FDA said the application can't be approved in its present form, according to Intercept.

The company expects to achieve profitability in 2024 as a result of its planned actions.

Jerry Durso, the company's president and chief executive, said, "we believe that taking decisive action to reshape Intercept will improve our long-term ability to grow our business, innovate for patients and create value for shareholders."

The company's stock was halted for trading in Thursday's after-hours market. The stock finished the day's regular session with a 1.62% loss at $11.55 per share.

Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

June 22, 2023 18:21 ET (22:21 GMT)

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