Press release
Alnylam Announces Pricing of Offering of $900 Million Convertible Senior Notes
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Alnylam Pharmaceuticals, Inc. (“Alnylam”) (Nasdaq: ALNY), the leading RNAi therapeutics company, announced today the
About this update from Alnylam Pharmaceuticals, Inc.
[{"type":"text","content":" CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nAlnylam Pharmaceuticals, Inc. (“Alnylam”) (Nasdaq: ALNY), the leading RNAi therapeutics company, announced today the pricing of its previously announced private offering of $900 million aggregate principal amount of 1.00% convertible senior notes due 2027 (the “notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). 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 $135.0 million aggregate principal amount of the notes. The offering is expected to close on September 15, 2022, subject to customary closing conditions.\n\nThe notes will be senior, unsecured obligations of Alnylam and will accrue interest at a rate of 1.00% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2023. The notes will mature on September 15, 2027, unless earlier converted, redeemed or repurchased. Before June 15, 2027, noteholders will have the right to convert their notes in certain circumstances and during specified periods. From and after June 15, 2027, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Alnylam will settle conversions by paying or delivering, as applicable, cash, shares of its common stock, par value $0.01 per share (“common stock”), or a combination of cash and shares of its common stock, at Alnylam’s election. The initial conversion rate is 3.4941 shares of common stock per $1,000 principal amount of the notes, which represents an initial conversion price of approximately $286.20 per share of Alnylam’s common stock. The initial conversion price represents a premium of approximately 35.0% above the last reported sale price of the Alnylam’s common stock on The Nasdaq Global Select Market on September 12, 2022, which was $212.00 per share.\n\nThe conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.\n\nThe notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Aln...