Isis planning potential $200M follow-on

Isis Pharmaceuticals Inc. (NASDAQ:ISIS) released 1Q13 earnings late Tuesday and also said it plans to sell 9 million shares in a follow-on underwritten by Goldman Sachs; JPMorgan; Stifel Nicolaus Weisel; BMO Capital Markets; Cowen; and Needham. If sold at Isis' Tuesday close of $21.89, the company would raise about $197 million.

Isis reported 1Q13 revenues of $43.4 million, up from $23.2 million in 1Q12 but missing the Street's estimate of $45.2 million. Revenues for the quarter included a $25 million milestone payment to Isis from the Genzyme Corp. unit of Sanofi (Euronext:SAN; NYSE:SNY) for FDA's January approval of Kynamro mipomersen to treat homozygous familial hypercholesterolemia (hoFH). Genzyme has rights to the second-generation antisense inhibitor of apolipoprotein B-100 (APOB-100) mRNA from Isis (see BioCentury Extra, Jan. 29). ...