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Ionis closes $1B partnership with Biogen after clearing antitrust review

California's Ionis Pharmaceuticals Inc. closed an expanded collaboration with Biogen Inc., after receiving clearance under the Hart-Scott-Rodino Act.

The companies, which amended the agreement in April, will develop novel antisense drugs for neurological diseases.

Massachusetts-based Biogen paid $1 billion in cash for the deal — $375 million up front and $625 million to buy 11,501,153 Ionis common shares at $54.34 each.

The collaboration builds on a previous agreement to develop Spinraza, a treatment for spinal muscular atrophy.