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The transaction will give Ionis access to Akcea's pipeline and commercial products, as well as its cash on hand of approximately $390 million.
Ionis Pharmaceuticals, a biotechnology company based in Carlsbad, CA, announced on Aug. 31, 2020 that it has entered into a definitive agreement with Akcea Therapeutics, its affiliate company, to acquire all outstanding shares of Akcea common stock for approximately $500 million.
Under the terms of the agreement, Ionis will acquire the shares for $18.15 per share in cash through a second-step merger, an Ionis press release said. The transaction is expected to be completed during the fourth quarter of 2020.
The transaction will also give Ionis access to Akcea's pipeline and commercial products, as well as its cash on hand of approximately $390 million, the press release said.
"This acquisition is another step forward in Ionis' evolution and creates a stronger, more efficient organization to the benefit of all stakeholders," said Brett Monia, CEO of Ionis, in the press release. "We believe becoming one company—with one vision and one set of strategic priorities, led by one team—will deliver significant strategic value, enhancing the future success of our company, accelerating our next phase of growth, and positioning us to most effectively deliver our medicines to patients. Following the completion of the transaction, Ionis will retain more value from Akcea's rich pipeline and commercial products, further strengthening our financial position and supporting continued investments in our future."
"Akcea values the skills, experience, and expertise of our teams, and I am proud of what we've accomplished in developing and delivering transformational medicines to patients," said Damien McDevitt, CEO of Akcea, in the press release. "This acquisition by Ionis is a testament to the achievements of the Akcea team."