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Ionis, Novartis forge cardiovascular deal

January 6, 2017 11:51 PM UTC

Ionis Pharmaceuticals Inc. (NASDAQ:IONS) and its Akcea Therapeutics subsidiary granted Novartis AG (NYSE:NVS; SIX:NOVN) exclusive, worldwide options to develop and commercialize AKCEA-APO(a)-LRx (IONIS-APO(a)-LRx) and AKCEA-APOCIII-LRx (IONIS-APOCIII-LRx), which are antisense therapies for cardiovascular disorders.

Ionis and Akcea are to receive an upfront option payment of $75 million and a $100 million investment through the purchase of 1.6 million Ionis shares at $61.30. The price is a 30% premium to Ionis' close of $47.09 on Thursday, before the deal was announced. Within 18 months, Novartis is to invest another $50 million in Ionis or Akcea...