Intercept is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat orphan and more prevalent liver and intestinal diseases utilizing its expertise in bile acid chemistry. The company's lead product candidate, obeticholic acid (OCA), is a bile acid analog and first-in-class agonist of the farnesoid X receptor (FXR). OCA is being developed for a variety of chronic liver diseases including primary biliary cirrhosis (PBC), nonalcoholic steatohepatitis (NASH), alcoholic hepatitis, portal hypertension, bile acid diarrhea and primary sclerosing cholangitis (PSC). OCA has met the primary efficacy endpoint in five placebo-controlled clinical trials, including the recently completed POISE Phase 3 clinical trial in patients with PBC and two Phase 2 clinical trials in NASH and nonalcoholic fatty liver disease. OCA has received orphan drug designation in both the United States and Europe for the treatment of PBC and PSC. Intercept owns worldwide rights to OCA outside of Japan and China, where it has out-licensed the product candidate to Sumitomo Dainippon Pharma (SDP).