Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) made an announcement today, according to which TTR- LICA will be partnered with AZN for $200 million upfront, up to $485 million in development/approval milestones (of which $100 million near term), and up to $2.9 billion in sales-related milestones.

The drug will be co-commercialized in the US (IONS to receive mid-20% royalties), while AZN will take the lead ex US (IONS to receive up to high-teens royalties).

Analysts at RBC Capital believe the deal makes strategic sense given AZN's broad reach in cardio metabolic diseases and fair economics for a product that is relatively de-risked clinically but not commercially.

Ionis Pharmaceuticals’ shares have risen more than 22% since the start of the month, trading at around $31.70 Wednesday afternoon.