Ionis Pharmaceuticals is set to take full ownership of Akcea Therapeutics by acquiring the remaining stake of around 24% in the latter for about $500 million in an all-cash deal.
The California-based biotech company, which is engaged in RNA-targeted drug discovery and development, will buy all the shares of it didn’t own before in Akcea Therapeutics at $18.15.
Damien McDevitt – CEO of Akcea Therapeutics said: “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. This acquisition by Ionis is a testament to the achievements of the Akcea team.”
Based in Massachusetts, Akcea Therapeutics is engaged in developing and commercializing treatments for serious and rare diseases. The biopharma company, which was established in 2015, has a couple of approved drugs – Tegsedi (inotersen) for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis (ATTR) in the US and Waylivra (volanesorsen) for the treatment of genetically confirmed familial chylomicronemia syndrome (FCS) in the European Union.
Brett Monia – CEO of Ionis Pharmaceuticals said: “This acquisition is another step forward in Ionis’ evolution and creates a stronger, more efficient organization to the benefit of all stakeholders.
“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.”
The deal, which is subject to customary closing conditions. is expected to be wrapped up in the fourth quarter of 2020.