Novartis purchases increased stake in Alnylam

Novartis is to increase the size of its stake in the RNA interference (RNAi) therapy specialist Alnylam Pharmaceuticals.

The company is exercising its right to buy up an additional 55,223 unregistered shares of Alnylam’s common stock, which comes as part of the Investor Rights Agreement between the two firms.

This means that Novartis now owns 13.4 per cent of Alnylam’s common stock, although this purchase does not include any additional product or collaboration rights.

Dr John Maraganore, chief executive officer of Alnylam, expressed satisfaction at the continuation of its relationship with Novartis, which he described as a “committed partner”.

He added: “Novartis was clearly a pioneer in recognising the potential of RNAi therapeutics as a new class of medicines and we are pleased with the continued progress in our alliance.”

Earlier this month, Novartis published its financial report for the first quarter of the year, which saw the firm’s net sales increase by 25 per cent year-on-year.