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Regeneron To Invest $800 Mln In Alnylam; To Jointly Develop RNAi Therapeutics

Regeneron Pharmaceuticals, Inc. (REGN) and Alnylam Pharmaceuticals, Inc. (ALNY) announced a collaboration to discover, develop and commercialize new RNA interference therapeutics focused on ocular and Central Nervous System (CNS) diseases. Regeneron will lead development and commercialization for all programs targeting eye diseases, with Alnylam entitled to potential milestone and royalty payments. The companies plan to advance programs directed to 30 targets and introduce many into clinical development during the initial five-year discovery period, which includes an option to extend.

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). 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.

The collaboration will build on Alnylam's recent preclinical data showing potent delivery of RNAi therapeutics to achieve target gene silencing in the eye and CNS. The collaboration also includes a select number of RNAi therapeutic programs designed to target genes expressed in the liver, which can influence a wide variety of diseases throughout the body.

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