Regulus Therapeutics Inc., founded by
Isis Pharmaceuticals, Inc.
), recently announced the filing of a registration statement with
the US Securities and Exchange Commission (SEC). The registration
statement was filed regarding the proposed initial public offering
of its shares. The company has yet to determine the number of
shares and the price range concerning the offering.
In its filing with the SEC, Regulus indicated that
), Isis Pharma and
) have shown an interest in buying Regulus's common stock worth up
to $10 million, $2 million and $2 million, respectively, at the
initial public offering price. In a separate private placement,
) has agreed to buy $25.0 million worth of Regulus's common stock
at the initial public offering price.
In September 2007, Alnylam and Isis Pharma joined forces to
establish Regulus, a company focused on microRNA (mRNA)
therapeutics. In October 2010, Sanofi made an equity investment in
the company. As of June 30, 2012, Regulus was jointly owned by
Alnylam (45%), Isis Pharma (46%) and Sanofi (9%).
Regulus is evaluating microRNA therapeutics in several areas
including oncology, fibrosis, hepatitis C virus infection, multiple
sclerosis and atherosclerosis. The company has collaborated with
several companies including Glaxo, Sanofi, AstraZeneca and
) for microRNA therapeutics. The company expects to file its first
investigational new drug application (IND) in 2014.
Currently, we have a Neutral recommendation on Isis Pharma and
an Outperform recommendation on Alnylam. Both stocks carry a Zacks
#3 Rank (short-term Hold rating).
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