IONIS PHARMACEUTICALS INC — Director's Dealing 2012

Jul 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2012-07-02

Reporting Person: WENDER JOSEPH H (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-07-02	Restricted Stock Units	$	A	1250	Acquired		Common Stock (1250)	Direct
2012-07-02	Director Stock Option (right to buy)	$12.94	A	11250	Acquired	2022-07-01	Common Stock (11250)	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 July 2, 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 July 2, 2016. The RSU is vested as to 0 shares on July 2, 2012.

F3: Grant of 7-2-12 to reporting person of stock options under the Isis Pharmaceuticals, Inc. 2002 Non Employee Directors' Stock Option Plan. The option vests and becomes exercisable in four equal annual installments, the first installment vesting on 7-2-13. The option shall be fully vested and exercisable on 7/2/2016. The option is exercisable as to 0 shares on 7/2/2012.