Ionis Pharmaceuticals to acquire remaining stake in Akcea Therapeutics

Ionis Pharmaceuticals, Inc. and its affiliate Akcea Therapeutics, Inc. announced that they have entered into a definitive agreement under which Ionis will acquire all of the outstanding shares of Akcea common stock it does not already own, approximately 24%, for $18.15 per share in cash. This corresponds to a total transaction value of approximately $500 million on a fully diluted basis. The transaction has been approved by the Ionis and Akcea Boards of Directors, and by the independent Affiliate Transactions Committee of Akcea's Board of Directors. Akcea's Board of Directors has recommended to shareholders of Akcea that they tender their shares into the tender offer.This transaction also further strengthens Ionis' financial position: Ionis will realize more financial upside from Akcea's rich pipeline and commercial products. Ionis will gain full access to Akcea's significant cash on hand of approximately $390 million as of June 30, 2020 and future cash flows to further invest in the Company's future and further support Ionis' capital allocation strategy. Ionis will achieve meaningful cost synergies.