According to the Complaint, Akcea Therapeutics, Inc. is a biopharmaceutical company focused on developing and commercializing medicines to treat patients with serious and rare diseases.
This action stems from a proposed transaction announced on August 31, 2020, pursuant to which Akcea Therapeutics, Inc. will be acquired by Ionis Pharmaceuticals, Inc. (“Parent”) and Avalanche Merger Sub, Inc. (“Merger Sub,” and together with Parent, “Ionis”). Parent currently owns approximately 76% of the issued and outstanding shares of Akcea common stock.
On August 30, 2020, Akcea’s Board of Directors caused the Company to enter into an agreement and plan of merger with Ionis. Pursuant to the terms of the Merger Agreement, Merger Sub commenced a tender offer to purchase all of Akcea’s outstanding common stock not already owned by Parent for $18.15 in cash per share. The Tender Offer is set to expire on October 9, 2020.
On September 14, 2020, Defendants filed a Solicitation/Recommendation Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.
This case was voluntarily dismissed on October 7, 2020.