Ionis Pharmaceuticals announces $500.3 million stock offering in California
- Ionis Pharmaceuticals priced an underwritten public offering of 11,500,000 shares at $43.50 each.
- The offering is expected to raise approximately $500.3 million for various corporate purposes.
- The funds will support commercial launches, clinical programs, and research activities, enhancing Ionis' market position.
On September 9, 2024, Ionis Pharmaceuticals, Inc. announced the pricing of an underwritten public offering of 11,500,000 shares of its common stock at a price of $43.50 per share. This offering is expected to generate approximately $500.3 million in gross proceeds, which will be utilized for various corporate purposes, including funding independent commercial launches and late-stage clinical programs. The offering is set to close on September 11, 2024, pending customary closing conditions. The company has also granted underwriters a 30-day option to purchase an additional 1,725,000 shares at the public offering price, which could further increase the total proceeds. A shelf registration statement for the securities was filed with the SEC on November 24, 2023, and was automatically effective, allowing for a streamlined process in raising capital. Ionis Pharmaceuticals is recognized for its innovative work in RNA-targeted medicines and has a strong pipeline in neurology and cardiology. The funds raised from this offering are expected to support ongoing research and development activities, which are crucial for the company’s growth and expansion in the competitive biopharmaceutical market. The announcement highlights Ionis' strategic approach to financing its operations and advancing its therapeutic programs. As the company continues to innovate in RNA therapies and gene editing, the successful completion of this offering will play a significant role in its future endeavors and overall market position.