Ionis Pharma drops on $500 mln stock offering plans
** Shares of Ionis Pharmaceuticals IONS.O down 7.6% at $44.64 post-market as co seeks equity raise
** Co announces $500 mln stock offering with Morgan Stanley and Goldman Sachs as jt bookrunners
** It plans to use net proceeds to fund independent commercial launches, late-stage clinical/earlier pipeline programs, R&D, and other general purposes
** Last week, Biogen BIIB.O/IONS announced higher dose Spinraza regimen met primary endpoint in Phase 2/3 study in treatment of spinal muscular atrophy (SMA)
** BIIB plans to file new drug application with US FDA relating to the investigational dose regimen
** IONS shares on Mon closed up 3.1% at $48.33, trimming YTD loss to ~4%
** Co has ~146.2 mln shares outstanding, giving co roughly $7.1 bln market cap
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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