Ionis sells SMA and Pelacarsen royalties to Royalty Pharma for $500M upfront, up to $625M in milestones

IONIS PHARMACEUTICALS INC

Sold 25% of Biogen SMA royalties (25% 2023-2027, 45% thereafter) and 25% of Novartis Pelacarsen royalties.
Initial purchase price $500M; additional milestone payments up to $625M, subject to achievement.
SMA royalty capped at $475M or $550M depending on timing of Pelacarsen FDA approval.
Covenants restrict amending/terminating underlying license agreements; extra payments if competing product commercialized.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IONIS PHARMACEUTICALS INC entered into Purchase Agreement with Royalty Pharma Investments 2019 ICAV valued at $500,000,000 (effective 2023-01-08).

Action: entry
Agreement: license
Counterparty: Royalty Pharma Investments 2019 ICAV
Value: $500,000,000
Effective: 2023-01-08

Exact text from the filing

On January 8, 2023, Ionis Pharmaceuticals, Inc. (the “ Company ”) and its wholly-owned subsidiary, Akcea Therapeutics, Inc. (the “ Subsidiary ”) entered into a royalty purchase agreement (the “ Purchase Agreement ”) with Royalty Pharma Investments 2019 ICAV, an Irish collective asset-management vehicle (“ Royalty Pharma ”), pursuant to which the Company and the Subsidiary sold to Royalty Pharma: (i) the Company’s right, title and interest in and to: (A) in respect of net sales by Biogen Idec International Holding Ltd (“ Biogen Idec ”) and Biogen MA (“ Biogen MA ”, and together with Biogen Idec, “ Biogen ”) between January 1, 2023 and December 31, 2027, 25%, and (B) in respect of net sales by Biogen Idec commencing on January 1, 2028, 45% of the royalties payable to the Company on annual worldwide net sales up to $1,500,000,000 pursuant to that certain Development, Option and License Agreement by and between the Company and Biogen Idec dated January 3, 2012, as amended (the “ 2012 Bioge

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Source: SEC EDGAR

accession 0001140361-23-000929

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