IONIS PHARMACEUTICALS INC — Director's Dealing 2011

Jan 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2011-01-03

Reporting Person: PARSHALL B LYNNE (Director, Director, COO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-03	Employee Stock Option (right to buy)	$10.29	A	72884	Acquired	2018-01-02	Common Stock (72884)	Direct

Footnotes

F1: 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 18,221 shares per year. The option is exercisable as to 0 shares on 1-3-11.