Ionis Pharmaceuticals has announced the completion of its previously announced acquisition of the remaining 24.0 per cent stake it did not already own in Nasdaq-listed biopharmaceuticals developer Akcea Therapeutics.
The buyer had agreed to pick up the business for USD 18.15 in cash per item of stock, thereby valuing the deal at USD 442.56 million.
Under the terms of the approach, the offer represented a 59.5 per cent premium over Akcea’s close of USD 11.38 on 28th August, the last trading day prior to the bid being announced.
As a consequence of the transaction’s completion, the target has been delisted from Nasdaq.
Ionis said it believes the purchase, which it made through its Avalanche Merger Sub vehicle, will accelerate the next phase of its growth and enable it to deliver more medicines to patients and generate value for shareholders.
Akcea will now operate as a wholly-owned subsidiary of Ionis.
The target describes itself as a development and commercialisation company with a focus on helping patients living with serious and rare diseases.
It not has a portfolio of development- and registration-stage drugs which use RNA-targeted antisense therapeutics.
Akcea was founded in 2015 and is headquartered in Boston.
Zephyr, the M&A database published by Bureau van Dijk, shows the largest deal targeting a manufacturer of pharmaceutical preparations to have been announced globally in the year to date featured a US target.
This deal was worth USD 21.00 billion and took the form of an acquisition as Gilead Sciences signed on the dotted line to pick up Immunomedics in mid-September.
It was followed by a USD 6.70 billion sale of an 11.6 per cent shareholding in Regeneron Pharmaceuticals by Sanofi, which closed at the end of May.
Other companies in the sector to have been targeted during the year to date include the likes of Yunnan Baiyao, Bayer and Sawai Pharmaceutical.
© Zephus Ltd