Ionis Pharmaceuticals has signed an agreement to purchase remaining stake in US-based biopharmaceutical company Akcea Therapeutics in a deal valued at around $500m.
Based in Boston of Massachusetts, Akcea Therapeutics is engaged in the development and commercialisation of medicines for the treatment of patients with serious and rare diseases.
Under the deal, Ionis will pay $18.15 per share in cash to acquire Akcea’s remaining 24% common stock. With the latest deal, Ionis owns the complete outstanding shares of Akcea common stock.
As per terms of the deal, Ionis will begin a tender offer for all outstanding shares of Akcea common stock not already owned by the company.
Subject to completion of the tender offer and other customary closing conditions, the deal is expected to be completed in the fourth quarter of this year.
Akcea is currently involved in the commercialisation of Tegsedi ((inotersen) and Waylivra (volanesorsen).
Tegsedi secured approval in the US, European Union (EU), Canada and Brazil, while Waylivra received approval only in the EU.
The company is also accelerating the development of novel medicines such as AKCEA-APO(a)-LRx, vupanorsen (AKCEA-ANGPTL3-LRx), AKCEA-APOCIII-LRx, and AKCEA-TTR-LRx, which hold the capacity to treat multiple diseases.
All six medicines, which have been discovered by Ionis, are based on the company’s antisense technology.
Ionis Pharmaceuticals CEO Brett Monia said: “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.”
In January this year, Empirico entered into a $660m deal with Ionis Pharmaceuticals to develop novel antisense oligonucleotide therapeutics.