BRIEF—Ionis to complete acquisition of Akcea

Ionis Pharmaceuticals has agreed to buy all outstanding shares of Akcea Therapeutics, approximately 24%, for $18.15 per share in cash.

Ionis, which already owns the rest of the company, will pay around $500 million to complete the acquisition, thereby gaining full access to Akcea's cash on hand of approximately $390 million.

Chief executive Brett Monia said: "This acquisition is another step forward in Ionis' evolution and creates a stronger, more efficient organization to the benefit of all stakeholders.”

He added: “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 firms expect to complete the transaction in the fourth quarter of 2020.