As part of the deal, Alnylam will secure up to $2bn from Blackstone for the advancement of its RNAi medicines, which are believed to have the potential to treat a range of debilitating diseases.
The transaction is based on Blackstone’s purchase of 50% of the royalties owed to Alnylam on global sales of inclisiran.
Inclisiran, which is currently under assessment by the US Food and Drug Administration (FDA), is a twice-a-year and subcutaneously injected RNAi therapeutic. It was demonstrated to reduce low-density lipoprotein (LDL) or bad cholesterol in a comprehensive phase 3 programme.
Blackstone Life Sciences and GSO Capital Partners have initiated the strategic financing collaboration, which will allow Alnylam to achieve a self-sustainable financial profile and advance the commercial potential of Alnylam’s product portfolio.
Multiple Blackstone businesses will provide the investment to help Alnylam develop and deliver advanced medicines to the patients.
Alnylam CEO Dr John Maraganore said: “Alnylam is focused on building a top-tier biopharmaceutical company, advancing RNAi therapeutics as a whole new class of medicines with transformative potential for patients around the world.”
The deal is comprised of the inclisiran royalty monetisation, corporate debt, acquisition of Alnylam equity, and funding for certain R&D activities links to the clinical advancement of two Alnylam investigational RNAi therapeutic programmes in cardiovascular disease.
Blackstone Life Sciences will use up to $1bn to purchase 50% of Alnylam’s royalties and commercial milestones for inclisiran. It will offer up to $150m for the development of Alnylam’s cardiometabolic programs vutrisiran and ALN-AGT.
Alnylam common stock will be purchased with an investment of around $100m, while first lien senior secured term loan of $750m will be led by GSO.
Evercore acted as financial advisor to Alnylam, while Goodwin Procter served as legal counsel to Alnylam. Ropes & Gray and Wilkie acted as legal counsel to Blackstone.
Blackstone Life Sciences global head Dr Nicholas Galakatos said: “Blackstone is uniquely positioned to provide customized, one-stop-shop financing solutions at scale while establishing development collaborations with the world’s leading biotech companies.”