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IONIS PHARMACEUTICALS INC Director's Dealing 2011

Jan 3, 2011

30591_dirs_2011-01-03_74e0e383-e92e-4e89-9e37-457ab2c35fe5.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2011-01-01

Reporting Person: Geary Richard S (Senior Vice President)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2011-01-01 Common Stock J 2434 $7.7945 Acquired 4013 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2011-01-03 Employee Stock Option $10.29 A 33444 Acquired 2018-01-02 Common Stock (33444) Direct

Footnotes

F1: Reporting 2,434 shares acquired under the Isis Pharmaceuticals, Inc. Amended and Restated 2000 Employee Stock Purchase Plan on January 1, 2011.

F2: Grant of 1-3-11 to reporting person of stock options under the Isis Pharmaceuticals, Inc. 1989 Stock Option Plan. 25% of the shares subject to the option will vest and become exercisable on 1-3-12. Thereafter, the remaining shares subject to the option vest and become exercisable in 36 equal monthly installments, at the rate of 8,361 shares per year. The option is exercisable as to 0 shares on 1-3-11.