Biogen, Ionis expanding antisense deal

Biogen Inc. (NASDAQ:BIIB) and Ionis Pharmaceuticals Inc. (NASDAQ:IONS) expanded their existing partnership to develop antisense therapies for a range of disease areas including dementia and neurological disease in a 10-year collaboration.

Ionis is to receive $1 billion in cash, doubling its reserves. The deal comprises $375 million in upfront cash, plus $625 million through the sale of 11.5 million shares at $54.34. That price represents a 19% premium to Ionis' close of $45.85 on Thursday before the deal was announced...