Regeneron down on news of investment in Alnylam
Regeneron Pharmaceuticals (Nasdaq: REGN) has entered into a collaboration with fellow US biotech Alnylam Pharmaceutical (Nasdaq: ALNY) to discover, develop and commercialize new RNA interference (RNAi) therapeutics for a broad range of diseases by addressing disease targets expressed in the eye and central nervous system (CNS), in addition to a select number of targets expressed in the liver.
By mid-morning trading following the news, Regeneron’s shares were down 2.01% at $400.74, while Alnylam, which today also announced an update on its deal with France’s Sanofi (Euronext: SAN), rose 1.8% in pre-market trading but declined 1.2% to $91.68 as trading progressed.
Regeneron has agreed to make a $400 million upfront payment to Alnylam and to purchase $400 million of Alnylam equity at a price per share of $90.00 (4.44 million common shares), or an around 5% stake. Alnylam is eligible to receive up to an additional $200 million in milestone payments upon achievement of certain criteria during early clinical development for the eye and CNS programs.
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