Genzyme Exercises its Right to Purchase Additional Shares of Alnylam Common Stock
March 26 2014 - 8:00AM
Business Wire
Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), a leading RNAi
therapeutics company, announced today that Genzyme, a Sanofi
company, has exercised its right to purchase 344,448 unregistered
shares of Alnylam’s common stock in accordance with the terms of an
investor rights agreement between Alnylam and Genzyme, dated
January 11, 2014. These shares became available for purchase by
Genzyme as a result of Alnylam’s issuance of shares of common stock
to Merck in connection with Alnylam’s acquisition of Sirna
Therapeutics. Under the investor rights agreement, Genzyme has the
right to purchase additional shares to maintain its ownership
percentage of the company’s common stock. On March 25, 2014,
Genzyme purchased these additional shares at a purchase price of
$66.88, the closing price of Alnylam’s stock that day, and paid the
company approximately $23.0 million. The exercise of this right to
purchase the maximum number of additional shares under the terms of
the investor rights agreement allows Genzyme to maintain its
current ownership level of Alnylam common stock of approximately
12%.
In January 2014, Alnylam and Genzyme formed a collaboration for
the development and commercialization of RNAi therapeutics as
genetic medicines. In partial consideration for the rights granted
to Genzyme under the alliance and pursuant to the terms of a stock
purchase agreement, Genzyme purchased 8,766,338 shares of newly
issued Alnylam common stock at a purchase price of approximately
$80, and paid the company $700.0 million in aggregate cash
consideration.
“Our transformational alliance with Genzyme is off to a great
start, and we look forward to a close strategic relationship for
many years to come,” said Laurence Reid, Ph.D., Senior Vice
President and Chief Business Officer of Alnylam. “This additional
investment in Alnylam represents a continued endorsement of their
commitment to our collaborative efforts as we work together to
develop and commercialize RNAi therapeutics as genetic
medicines.”
About Alnylam Pharmaceuticals
Alnylam is a biopharmaceutical company developing novel
therapeutics based on RNA interference, or RNAi. The company is
leading the translation of RNAi as a new class of innovative
medicines with a core focus on RNAi therapeutics as genetic
medicines, including programs as part of the company’s “Alnylam
5x15TM” product strategy. Alnylam’s genetic medicine programs are
RNAi therapeutics directed toward genetically defined targets for
the treatment of serious, life-threatening diseases with limited
treatment options for patients and their caregivers. These include:
patisiran (ALN-TTR02), an intravenously delivered RNAi therapeutic
targeting transthyretin (TTR) for the treatment of TTR-mediated
amyloidosis (ATTR) in patients with familial amyloidotic
polyneuropathy (FAP); ALN-TTRsc, a subcutaneously delivered RNAi
therapeutic targeting TTR for the treatment of ATTR in patients
with TTR cardiac amyloidosis, including familial amyloidotic
cardiomyopathy (FAC) and senile systemic amyloidosis (SSA);
ALN-AT3, an RNAi therapeutic targeting antithrombin (AT) for the
treatment of hemophilia and rare bleeding disorders (RBD); ALN-CC5,
an RNAi therapeutic targeting complement component C5 for the
treatment of complement-mediated diseases; ALN-AS1, an RNAi
therapeutic targeting aminolevulinate synthase-1 (ALAS-1) for the
treatment of hepatic porphyrias including acute intermittent
porphyria (AIP); ALN-PCS, an RNAi therapeutic targeting PCSK9 for
the treatment of hypercholesterolemia; ALN-AAT, an RNAi therapeutic
targeting alpha-1-antitrypsin (AAT) for the treatment of AAT
deficiency liver disease; ALN-TMP, an RNAi therapeutic targeting
TMPRSS6 for the treatment of beta-thalassemia and iron-overload
disorders; ALN-ANG, an RNAi therapeutic targeting angiopoietin-like
3 (ANGPTL3) for the treatment of genetic forms of mixed
hyperlipidemia and severe hypertriglyceridemia; and other programs
yet to be disclosed. As part of its “Alnylam 5x15” strategy, as
updated in early 2014, the company expects to have six to seven
genetic medicine product candidates in clinical development -
including at least two programs in Phase 3 and five to six programs
with human proof of concept - by the end of 2015. The company’s
demonstrated commitment to RNAi therapeutics has enabled it to form
major alliances with leading companies including Merck, Medtronic,
Novartis, Biogen Idec, Roche, Takeda, Kyowa Hakko Kirin, Cubist,
GlaxoSmithKline, Ascletis, Monsanto, The Medicines Company, and
Genzyme, a Sanofi company. In January 2014, Alnylam agreed to
acquire Sirna Therapeutics, a wholly owned subsidiary of Merck. In
addition, Alnylam holds an equity position in Regulus Therapeutics
Inc., a company focused on discovery, development, and
commercialization of microRNA therapeutics. Alnylam scientists and
collaborators have published their research on RNAi therapeutics in
over 200 peer-reviewed papers, including many in the world’s top
scientific journals such as Nature, Nature Medicine, Nature
Biotechnology, Cell, the New England Journal of Medicine, and The
Lancet. Founded in 2002, Alnylam maintains headquarters in
Cambridge, Massachusetts. For more information, please visit
www.alnylam.com.
Alnylam Forward-Looking Statements
Various statements in this press release concerning Alnylam’s
future expectations, plans and prospects, including without
limitation, Alnylam’s views with respect to the potential for RNAi
therapeutics, constitute forward-looking statements for the
purposes of the safe harbor provisions under The Private Securities
Litigation Reform Act of 1995. Actual results may differ materially
from those indicated by these forward-looking statements as a
result of various important factors, including, without limitation,
Alnylam’s ability to discover and develop novel drug candidates and
delivery approaches, successfully demonstrate the efficacy and
safety of its drug candidates, the pre-clinical and clinical
results for its product candidates, which may not support further
development of product candidates, actions of regulatory agencies,
which may affect the initiation, timing and progress of clinical
trials, obtaining, maintaining and protecting intellectual
property, Alnylam’s ability to enforce its patents against
infringers and defend its patent portfolio against challenges from
third parties, obtaining regulatory approval for products,
competition from others using technology similar to Alnylam’s and
others developing products for similar uses, Alnylam’s ability to
obtain additional funding to support its business activities and
establish and maintain strategic business alliances and new
business initiatives, Alnylam’s dependence on third parties for
development, manufacture, marketing, sales and distribution of
products, the outcome of litigation, and unexpected expenditures,
as well as those risks more fully discussed in the “Risk Factors”
filed with Alnylam’s most recent Annual Report on Form 10-K filed
with the Securities and Exchange Commission (SEC) and in other
filings that Alnylam makes with the SEC. In addition, any
forward-looking statements represent Alnylam’s views only as of
today and should not be relied upon as representing its views as of
any subsequent date. Alnylam explicitly disclaims any obligation to
update any forward-looking statements.
Alnylam Pharmaceuticals, Inc.Cynthia Clayton,
617-551-8207Vice President, Investor Relations andCorporate
CommunicationsorSpectrumAmanda Sellers (Media), 202-955-6222
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