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.