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RegMed Investors (RMi) Research Note: Ionis Pharmaceuticals (IONS) prices a $500.3 M public offering

September 10, 2024 4:32pm

Priced at $43.50 of 11.5 M shares

IONS closed up +$1.44 or +3.07 M to $48.03 with a negative -$5.94 to $42.39 on Tuesday

Check-out debt versus cash (below)

Morgan Stanley and Goldman Sachs & Co. LLC are acting as joint book-running managers for the offering

The Bottom Line: Needy, the money as cash position versus debt is high!

Q2/24 Net loss: -$66 M and a -$0.45 loss per share
52-week high of $54.44 and low of $35.96
Outstanding shares: 146.21 M and a Float of 144.96
Shares short: 9.9 M with a short ratio of float -8.01%

Cash $2.09 B with Debt of -$1.99 B

Revenue $813.46 M (Q2/24 $225.0m (up 19% from 2Q 2023)

The usual …

intent to grant the underwriters a 30-day option to purchase up to an additional 1.75 M shares or approximateely $75 M of shares of its common stock offered in the public offering on the same terms and conditions.
IONS intends to use the net proceeds from the offering to fund its independent commercial launches, late-stage clinical programs, earlier pipeline programs, and research and development activities, as well as for working capital and general corporate purposes.
The offering is subject to market and other conditions
Expected to close on 9/11/24

35 companies, 1 interpreter!

Insight, foresight and recommendation

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Editor and Publisher ... Henry McCusker enters his tenth (10th) year at RegMed Investors with past experience in sell-side analysis, buy-side management, corporate management and due diligence.

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