LONDON, UK / ACCESSWIRE / September 1, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Ionis Pharmaceuticals, Inc. (NASDAQ: IONS) ("Ionis"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=IONS. The Company announced on August 30, 2017, that it has earned a $40 million milestone payment from Biogen Inc., (NASDAQ: BIIB) associated with the pricing of SPINRAZA (nusinersen) in Japan. SPINRAZA was approved by the Pharmaceuticals and Medical Devices Agency in Japan, in June 2017, for the treatment of individuals with infantile-onset spinal muscular atrophy (SMA). Currently, Ionis has earned more than $435 million from Biogen for SPINRAZA. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The Company stated that Biogen is working to expand access to SPINRAZA with Marketing Authorization Application (MAA) being reviewed in Switzerland, Israel, South Korea, and Australia, with several other MAAs down the development pipeline. Ionis believes that the speed and breadth at which SPINRAZA has achieved marketing approval across geographies is a recognition of the immense value SPINRAZA may deliver to patients.
Biogen initially licensed the global rights to develop, manufacture, and commercialize SPINRAZA from Ionis in August 2016, and is now responsible for all development, regulatory, and commercialization activities and costs for SPINRAZA, which was initially approved by the US FDA on December 23, 2016, within three months of the regulatory filing.
SPINRAZA is an antisense oligonucleotide (ASO) leveraging Ionis' proprietary antisense technology and is designed to treat Spinal Muscular Atrophy (SMA) caused by mutations or deletions in the SMN1 gene located in chromosome 5q that leads to SMN protein deficiency. SPINRAZA changes the splicing of SMN2 pre-mRNA so as to increase production of full-length SMN protein. Through the use of this technology, SPINRAZA holds the potential to increase the amount of full-length SMN protein in individuals with SMA. Administered through intrathecal injection, which delivers therapies directly to the cerebrospinal fluid around the spinal cord, to maintain the levels of SMN protein, else which would led to the degeneration of motor neurons due to insufficient levels of the protein.
Spinal Muscular Atrophy
SMA is signified by the loss of motor neurons in the spinal cord, and lower brain stem, resulting in progressive and severe muscular atrophy and weakness. SMA of the most severe type can eventually lead the individuals to become paralyzed and have difficulty performing the basic functions of life, like breathing and swallowing. Owing to a defect in the SMN1 gene, people with SMA are unable to produce enough survival motor neuron protein, which is yet again critical for the maintenance of motor neurons.
Company Growth Prospects
Ionis is the leading RNA-targeted drug discovery and development focused on the development of drugs for patients who have the highest unmet medical needs, such as patients with severe and rare diseases. The Company leverages its antisense technology, through which it has created a vast pipeline of first-in-class or best-in-class drug, with over three dozen drugs in development.
Recently, on August 24, 2017, Ionis announced that it had received notice of an unsolicited mini-tender offer by TRC Capital Corp. of Ontario, Canada, to purchase up to 2.5 million shares of Ionis' common stock at a price of $44.88 per share in cash. The offer price of $44.88 per share according to the Company was about 4.47% lower than the $46.98 closing share price of Ionis' common stock on August 18, 2017, the business day prior to the date of the offer. Ionis did not endorse TRC Capital's offer and recommended shareholders not to tender their shares in response to the offer from TRC Capital.
Last Close Stock Review
On Thursday, August 31, 2017, the stock closed the trading session at $53.62, jumping 5.16% from its previous closing price of $50.99. A total volume of 1.22 million shares have exchanged hands, which was higher than the 3-month average volume of 1.20 million shares. Ionis Pharma's stock price skyrocketed 5.59% in the last one month, 8.63% in the past three months, and 80.84% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have surged 12.11%. The stock is trading at a PE ratio of 255.33 and currently has a market cap of $6.87 billion.
Biogen's share price finished yesterday's trading session at $316.56, rising 4.22%. A total volume of 2.50 million shares have exchanged hands, which was higher than the 3-month average volume of 1.40 million shares. The Company's stock price surged 23.34% in the last three months, 6.28% in the past six months, and 12.45% in the previous twelve months. Additionally, the stock rallied 21.19% since the start of the year. Shares of the Company have a PE ratio of 20.79 and currently have a market cap of $67.02 billion.
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