Ionis-spinout Akcea prices IPO below expected range

Cambridge, Mass.-based Akcea Therapeutics priced its offering of 15.6 million shares at $8 apiece to reach its $125 million IPO target. The company initially priced an offering of 9.6 million shares at $12 to $14 per share.

Akcea’s shares are slated to begin trading on the Nasdaq exchange today under the “AKCA.”

The biotech is a subsidiary of Ionis Pharmaceuticals (NSDQ:IONS) and is developing an injectable drug, volanesorsen, to treat rare lipid disorders that present with high levels of trigycerides and pancreatitis.

The company has conducted two late-stage trials of its drug as a therapy for patients with familial chylomicronemia syndrome. It is also running a Phase III trial for patients with familial partial lypodystrophy.

Akcea reported that the proceeds from its IPO will help commercialize volanesorsen and support more clinical trials.

In January, Novartis inked a collaborative deal with Akcea, forking over $75 million up front for the right to license and develop two drugs as potential therapies for cardiovascular disease.

Novartis also agreed to buy up $50 million in Akcea stock at the price set for its IPO.

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