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Akcea Therapeutics, Inc. (AKCA) Agrees To Unfavorable Deal

In 2010, Ionis – the majority and controlling stockholder of Akcea Therapeutics, Inc. – entered into a collaboration agreement with Glaxo Group Limited ("GSK") in which Ionis Pharmaceuticals, Inc. would develop its drug inotersen while GSK would be primarily responsible for research costs, with both companies sharing in the profits after inotersen's commercialization. Then, in 2017, GSK decided to abandon its collaboration with Ionis due to safety concerns with inotersen and increased competitive pressure from a rival drug. Facing substantial near-term expenses to commercialize inotersen, Ionis proposed a deal with Akcea, which included an upfront $150 million license fee and hundreds of millions of dollars in regulatory milestone payments. Ionis claimed incredibly optimistic projections for inotersen and pressured Akcea to agree to the deal within a matter of weeks. Despite evidence that Ionis was grossly overvaluing the drug, Akcea agreed to the unfavorable deal on April 17, 2018, with only modest modifications to Ionis's proposal. Shareholders voted on this agreement without full disclosure regarding inotersen projections, unauthorized negotiations between Ionis and Akcea, and board-level conflicts.