Ionis Pharmaceuticals, Inc. IONS shares are trading lower on Wednesday after the company announced plans to offer $500 million of senior convertible notes due in 2028 in a private placement for institutional investors.
The Details:
Ionis Pharmaceuticals announced the private placement offering on Tuesday after the close of regular market hours. In addition to the $500 million of senior convertible notes, Ionis also intends to grant the initial purchasers an option to purchase up to an additional $75 million principal amount of notes.
Ionis expects to use a portion of the net proceeds to repurchase some of its 0.125% convertible senior notes due 2024. The company expects to use the remaining net proceeds for additional repurchases of notes.
Piper Sandler assumed coverage on Ionis Pharmaceuticals Wednesday with an Overweight rating and a price target of $58.
Ionis Pharmaceuticals currently has four marketed medicines and is focused on genetic medicine and RNA-targeted therapies.
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IONS Price Action: According to Benzinga Pro, Ionis is trading over 6% lower at $40.69 at the time of publication.
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