IONIS PHARMACEUTICALS INC — Director's Dealing 2012

Jan 17, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2012-01-15

Reporting Person: BENNETT C FRANK (Senior Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-15	Restricted Stock Units	$	A	2778	Acquired		Common Stock (2778)	Direct

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of Isis common stock, or its equivalent cash value.

F2: The restricted stock units vest in four equal annual installments, the first installment vesting on January 15, 2013. Upon vesting, the restricted stock units will be paid out in whole shares of Isis common stock or cash as may be determined by the Company. The RSU shall be fully vested on January 15, 2016. The RSU is vested as to 0 shares on January 15, 2012.