IONIS PHARMACEUTICALS INC — Director's Dealing 2015

Mar 9, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2015-03-05

Reporting Person: HOUGEN ELIZABETH L (SVP, Finance & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-03-05	Common Stock	M	12657	$14.47	Acquired	16044	Direct
2015-03-05	Common Stock	S	12657	$71.668	Disposed	3387	Direct
2015-03-05	Common Stock	M	8000	$7.25	Acquired	11387	Direct
2015-03-05	Common Stock	S	8000	$71.668	Disposed	3387	Direct
2015-03-05	Common Stock	M	7437	$7.25	Acquired	10824	Direct
2015-03-05	Common Stock	S	7437	$71.316	Disposed	3387	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-05	Employee Stock Option (right to buy)	$14.47	M	12657	Disposed	2016-01-02	Common Stock (12657)	Direct
2015-03-05	Employee Stock Option (right to buy)	$7.25	M	15437	Disposed	2019-01-02	Common Stock (15437)	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 2/3/2015.

F2: 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 0 on 3/5/2015.