Isis Pharmaceuticals announces exercise of Underwriters' option

Isis Pharmaceuticals announced that the underwriters of its previously announced public offering of common stock, which was completed on May 14, have exercised their option to purchase an additional 617,869 shares of Isis' common stock. The closing of the sale of the additional shares is expected to take place on June 4, subject to customary closing conditions. Including the 9M shares of common stock previously sold, the aggregate gross proceeds to Isis from this offering is expected to be approximately $182.7 million, before deducting the underwriting discount and other estimated offering expenses payable by Isis. Isis anticipates using the net proceeds from the offering to increase its drug development activities, develop select drugs in it pipeline to later stages of development prior to partnering, and for general corporate and working capital purposes. Goldman, Sachs & Co. and J.P. Morgan Securities acted as joint book-running managers in the offering. Stifel acted as lead manager. BMO Capital Markets, Cowen and Company, and Needham & Company acted as co-managers.