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Alnylam to secure cash
Posted on Tuesday, 14 November 2017 07:32
Alnylam Pharmaceuticals is diluting its equity via a share sale worth as much as USD 675.00 million.
Under the terms, the Nasdaq-listed drug maker is issuing approximately 4.82 million new shares, representing 4.9 per cent of its enlarged capital, at USD 139.98 apiece.
Alnylam has appointed financial giants Goldman Sachs, JPMorgan, Barclays Capital and Credit Suisse as underwriters to the deal, which is expected to close this month.
The issuer is also planning to grant the underwriters a 30-day option to purchase additional shares equivalent to up to 15.0 per cent of the stocks sold via the offer.
Based in Massachusetts, Alnylam specialises in the development of novel therapeutics based on ribonucleic acid interference, which selectively silences specific genes which cause illnesses.
Its portfolio includes treatment products for rare genetic, liver, cardiovascular and metabolic diseases, as well as hepatitis B and D viral infections.
Alnylam posted net revenue of USD 51.99 million in the nine months ended 30th September 2017, up 75.0 per cent on the USD 29.71 million recorded during the same timeframe in the previous year.
However, net loss for the period totalled USD 348.65 million, which widened from net loss of USD 297.14 million in the same interval of 2016.
Proceeds have been earmarked for research and development, the expansion of its production capabilities and geographic presence, and the commercialisation of its products.
Alnylam will also use the proceeds to repay debt, make acquisitions and investments and fund working capital and other corporate expenses.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 2,352 deals targeting US-based physical, engineering and life sciences research and development companies announced since the beginning of this year.
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