IONIS PHARMACEUTICALS INC — Director's Dealing 2014

Nov 5, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2014-11-03

Reporting Person: O'NEIL PATRICK R. (SVP, Legal & General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-03	Common Stock	M	1500	$7.25	Acquired	5253	Direct
2014-11-03	Common Stock	S	1500	$46.17	Disposed	3753	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-11-03	Employee Stock Option (right to buy)	$7.25	M	1500	Disposed	2019-01-02	Common Stock (1500)	Direct

Footnotes

F1: Acquired as a result of exercising a stock option pursuant to Rule 10b5-1 Trading Plan. The purchase and sale reported on this Form 4 was effective pursuant to Rule 10b5-1 Trading Plan adopted by the reporting person on 1/2/2014.

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $45.71 to $46.39, inclusive. The reporting person undertakes to provide to Isis Pharmaceuticals, Inc., any security holder of Isis Pharmaceuticals, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2) on this Form 4.

F3: Grant of 1/3/2012 to reporting person of stock options under the Isis Pharmacueticals, Inc. 1989 Stock Option Plan. 25% of the shares subject to the option vested and became exercisable on 1/3/2013. Thereafter, the remaining shares subject to the option vest and become exercisable in 36 equal monthly installments, at the rate of 4,875 shares per year. Following this transaction, the option was exercisable as to 5,845 on 11/3/2014.