Ionis Pharma dips after $700 mln convertible bonds sale

Ionis Pharmaceuticals

13/11/2025 15:30

** Shares of Ionis Pharmaceuticals IONS.O down 2.7% at $70.71 early Thurs after debt-refinancing capital raise

** Carlsbad, California-based IONS early Thurs announced pricing private offering of $700 mln 0% convertible bonds (CBs) due 2030

** Initial conversion price set at $98.10, 35% premium over stock's last close of $72.67

** Co expects to use approx $267 mln of net offering proceeds to repurchase $200 mln of its 2026 0% CBs, any remainder for general corp purposes

** IONS, which develops drugs for neurological and cardiometabolic diseases, has about $11.5 bln current market cap

** Even with the decline on the session, shares have roughly doubled YTD

** Of 25 analysts covering IONS, recommendation breakdown is 19 "strong buy" or "buy", 6 "hold", per LSEG

** Median PT of $83 up from $78 a month ago and $62 on Aug 13

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))