Alnylam Announces Pricing Of Upsized Offering Of $575 Mln Convertible Senior Notes Due 2028

Alnylam Pharmaceuticals

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(RTTNews) - Alnylam Pharmaceuticals Inc. (ALNY) announced the pricing of its private offering of $575 million aggregate principal amount of 0.00% convertible senior notes due 2028. The size of the offering was increased from the previously announced offering of $500 million aggregate principal amount of notes.

In addition, Alnylam granted the initial purchasers of the notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $86.25 million aggregate principal amount of the notes. The offering is expected to close on September 12, 2025.

The notes will be senior, unsecured obligations of Alnylam and will not bear regular interest, and the principal amount of the notes will not accrete. The notes will mature on September 15, 2028, unless earlier converted, redeemed or repurchased.

Alnylam estimates that the net proceeds from the offering of the notes will be approximately $561.6 million (or approximately $645.9 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers' discounts and estimated offering expenses payable by Alnylam.

The company said it intends to use approximately $30.7 million of the net proceeds from the offering to pay the cost of the capped call transactions. If the initial purchasers exercise their option to purchase additional notes, Alnylam expects to use a portion of the net proceeds from the sale of the additional notes to enter into additional capped call transactions.

In addition, Alnylam intends to use the remainder of the net proceeds from the offering, together with cash on hand, to repurchase for cash approximately $637.8 million aggregate principal amount of Alnylam's 1.00% convertible senior notes due 2027 through privately negotiated transactions entered into concurrently with the pricing of the notes.