Ionis priced $700 million of 0% convertible senior notes due 2030 in a private placement to qualified institutional buyers. The notes are general unsecured obligations, carry no interest, and mature on December 1 2030.
The conversion terms set a rate of 10.1932 shares per $1,000 principal, giving a conversion price of $98.10—about a 35% premium over the last reported share price of $72.67 on November 12, 2025. Purchasers also have the option to buy an additional $70 million of notes within a 13‑day window.
Net proceeds are expected to be roughly $682.8 million, of which $200 million will be used to repurchase the company’s 2026 convertible notes. The remaining funds will be allocated to general corporate purposes, providing liquidity and flexibility for future growth initiatives.
The financing signals Ionis’s intent to extend debt maturity, reduce leverage, and create a conversion pathway that could dilute equity but also supports future capital raising. The 0% interest rate reflects the embedded cost in the conversion premium, aligning debt cost with potential upside.
Ionis recently reported a Q3 2025 earnings beat, with EPS of –$0.80 versus consensus of –$1.15 and revenue of $157 million versus $131.75 million. The beat reflects strong product launch momentum and disciplined cost management, reinforcing confidence in the company’s growth trajectory and justifying the refinancing.
Management emphasized the company’s transition to a fully integrated commercial‑stage biopharma, citing the launch of TRYNGOLZA and upcoming product launches. CEO Brett P. Monia said the company is “beginning a new chapter” and that the financing will support commercialization and pipeline expansion.
Investors viewed the refinancing as a positive strategic move, with modest market reaction. The conversion premium indicates expectations that the stock will rise above $98.10, while the extended maturity reduces short‑term debt pressure and provides flexibility for future capital needs.
The transaction also positions Ionis to manage potential dilution by allowing conversion only if the share price appreciates significantly, thereby protecting current shareholders while still providing a mechanism for future equity financing.
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