Intercept had been a little-known biotechnology company until nine years ago, when it became one of the sector’s most closely watched practically overnight.
The biotech’s shares soared to over $400 apiece in 2014 after it revealed promising Phase 2 results for obeticholic acid, or OCA. The findings immediately made NASH — a disease affecting millions and a leading cause of liver transplants — a top target for drugmakers. And for years, Intercept led the race to bring the first medicine for the disease to market, as several would-be competitors were unable to match its results.
