Alnylam Pharmaceuticals Inc. (Nasdaq: ALNY) a leading RNAi therapeutics company announced today that Genzyme a Sanofi company has exercised its right to purchase 344448 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 8766338 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.