Ionis Pharma dips after $700 mln convertible bonds sale
Shares of Ionis Pharmaceuticals IONS.O down 2.7% at $70.71 early Thurs after debt-refinancing capital raise
Carlsbad, California-based IONS early Thurs announced pricing private offering of $700 mln 0% convertible bonds (CBs) due 2030
Initial conversion price set at $98.10, 35% premium over stock's last close of $72.67
Co expects to use approx $267 mln of net offering proceeds to repurchase $200 mln of its 2026 0% CBs, any remainder for general corp purposes
IONS, which develops drugs for neurological and cardiometabolic diseases, has about $11.5 bln current market cap
Even with the decline on the session, shares have roughly doubled YTD
Of 25 analysts covering IONS, recommendation breakdown is 19 "strong buy" or "buy", 6 "hold", per LSEG
Median PT of $83 up from $78 a month ago and $62 on Aug 13
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