Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), a leading RNAi therapeutics company, announced today that Novartis has elected to fully exercise its current right to purchase 55,223 unregistered shares of Alnylam's common stock in accordance with the terms of the Investor Rights Agreement between Alnylam and Novartis, dated September 6, 2005. The exercise of this right and election to purchase the maximum number of additional shares under the terms of the Agreement allows Novartis to maintain its current ownership level of Alnylam common stock of approximately 13.4%.
“Since the formation of our landmark alliance in 2005, we have been very fortunate to have Novartis as a committed partner”
"Since the formation of our landmark alliance in 2005, we have been very fortunate to have Novartis as a committed partner," said John Maraganore, Ph.D., Chief Executive Officer of Alnylam. "This is now the third year that Novartis has elected to fully exercise their right to purchase additional shares under the Investor Rights Agreement, maintaining their current ownership percentage of Alnylam common stock. In addition, late last year Novartis elected to extend our collaboration for a fifth and final planned year, through October 2010. Novartis was clearly a pioneer in recognizing the potential of RNAi therapeutics as a new class of medicines, and we are pleased with the continued progress in our alliance."