This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Genzyme Exercises Its Right To Purchase Additional Shares Of Alnylam Common Stock

Stocks in this article: ALNY

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.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs