Wednesday, April 24, 2019

Alnylam Finds A New Partner For Its Next Phase

Alnylam (ALNY) was a very different company five years ago – Onpattro was in Phase II development, fitusiran was in Phase I, and there were still substantial doubts about the entire RNAi concept, as large pharma companies like Novartis (NVS) and Merck (MRK) were backpedaling out of the space. At that time, the deal Alnylam signed with Sanofi (SNY) was valuable not only from the perspective of the capital it brought into the business but also the perceived stability and support of a major pharmaceutical drug company. Now, five years later, Alnylam is in a very different place and it has different needs and expectations for its partnerships. Sanofi, too, has different needs and goals, and with that the two companies have elected to wind down their development partnership. At the same time, Alnylam has forged a new development partnership with Regeneron (REGN) that will help fund the company’s expansion into treatments beyond the liver.

I continue to believe that Alnylam is a high-risk undervalued opportunity, underpinned by a development pipeline that should see several FDA approvals and commercial ramps over the next few years, with multiple $1B+/yr revenue opportunities.

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Alnylam Finds A New Partner For Its Next Phase

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