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May 8, 2008

Novartis Raises Ownership in Alnylam with $5.41M Procurement of Shares

  • Novartis has purchased additional shares of Alnylam Pharmaceuticals’ common stock for almost $5.41 million. The decision to fully exercise this right increases Novartis’ stake in Alnylam from 13% to 13.4%.

    As per the terms of a September 2005 investor rights agreement between the companies, Novartis decided to buy  213,888 unregistered shares of Alnylam’s common stock. The firm is paying $25.29 per share. Alnylam value at the end of yesterday was $24.84 and opened trading today at $25.51.

    Novartis previously purchased approximately 5.3 million shares at $11.11 per share, gaining a 13% ownership position. The company is permitted to own no more than 19.9% of Alnylam’s outstanding shares.

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