We advised the purchasers on the Rule 144A convertible notes offering

Davis Polk advised the representatives of the several purchasers in connection with a Rule 144A offering by Ionis Pharmaceuticals, Inc. of an aggregate principal amount of $632.5 million of its 0% convertible senior notes due 2026, which included $82.5 million aggregate principal amount of notes sold pursuant to the purchasers’ fully exercised option. In addition, Davis Polk advised the counterparties to convertible note hedge and warrant transactions in connection with the offering.

Ionis is a leader in RNA-targeted therapy, pioneering new markets and changing standards of care with its novel antisense technology.

The Davis Polk corporate team included partner Alan F. Denenberg and associates Dongbiao Shen and Paula Gergen. The equity derivatives team included partner Ray Ibrahim, counsel Katharine O’Banion and associate Danielle Forni. The tax team included partner Michael Farber and associate Ben Levenback. The intellectual property and technology transactions team included partner David R. Bauer and associate Jay Frankel. Members of the Davis Polk team are based in the Northern California and New York offices.