Ionis reached an agreement with Akcea to acquire the outstanding shares of Akcea common stock we do not already own, approximately 24%, for $18.15 per share in cash.

This corresponds to a total transaction value of approximately $500 million on a fully diluted basis.

We expect to fund the acquisition through existing cash resources. The transaction is not subject to any financing condition.

This is another step forward in Ionis’ evolution and creates a stronger, more efficient organization.

This is another step toward our building Ionis’ commercial strategy for the future.

We believe there is significant strategic value in becoming one company – with one vision and one set of strategic priorities, led by one team.

Since the founding of Akcea in 2015, and since its IPO in 2017, in close collaboration with Ionis, Akcea has launched Tegsedi globally and Waylivra in the EU, while advancing a late-stage pipeline and securing important partnerships.

Over that same period, Ionis has evolved significantly.

Our technology has been proven and validated.

Our deep, broad, diverse pipeline of more than 40 potentially transformative medicines has advanced with more than 25 mid- to late-stage programs; and has delivered three commercial products, including the blockbuster Spinraza.

Ionis’ culture of innovation is deeply embedded throughout the organization and continues to thrive.

And our financial position is even stronger today.

We believe this transaction will enhance the future success of our company and accelerate our next phase of growth.

Ionis will also further strengthen its financial position through this transaction …

…by realizing more financial upside from Akcea’s rich pipeline and commercial products.

…by gaining full access to Akcea’s significant cash on hand of approximately $390 million as of June 30, 2020 and future cash flows to further invest in Ionis’ future and further support Ionis’ capital allocation strategy.

…by achieving meaningful cost synergies.

This is the right transaction at the right time and ideally positions Ionis for the future.

Under the terms of the agreement, Ionis will commence a tender offer for all outstanding shares of Akcea common stock not already owned by Ionis at a price of $18.15 per share in cash.

The closing of the tender offer will be subject to a majority of Akcea’s shares not already owned by Ionis, its affiliates or their respective directors and executive officers being tendered in the tender offer.

Promptly following the completion of the tender offer, Ionis will acquire all remaining shares of Akcea common stock at the same price of $18.15 per share in cash through a second-step merger.

We expect to complete the transaction in the fourth quarter of 2020.

Thank you again for taking the time to speak with us today.

As always, and as you know, we are committed to open communication with our shareholders, so we’ll keep you apprised of any significant developments.

I’d be happy to take your questions…