Ionis Pharma Facing Investor Suit Over $500 Million Akcea Buyout

Former Akcea Therapeutics Inc. investors filed suit in Delaware against Ionis Pharmaceuticals Inc., which took Akcea private last October, claiming the $500 million buyout was aimed partly at undermining a shareholder lawsuit challenging an earlier licensing deal between the two affiliates.

The lawsuit, made public Wednesday, also targets four ex-board members at Akcea who allegedly have longstanding ties to Ionis or its top executives. They include Akcea’s former CEO, who was once Ionis’ chief business officer, and another Akcea ex-director who has held multiple C-suite roles at Ionis.

Ionis didn’t immediately respond to a request for comment Wednesday.

The ...