Alnylam Pharma Spends $52M to Pay Down Debt Early, Buys Back $34M in Notes to Strengthen Balance Sheet

Alnylam Pharmaceuticals, Inc. ("Alnylam") (NASDAQ:ALNY), the leading RNAi therapeutics company, announced today that it has entered into separate, privately negotiated repurchase agreements with certain holders of its 1.00% Convertible Senior Notes due 2027 (the "Notes") to repurchase for cash (the "Repurchases") approximately $34.4 million aggregate principal amount of the Notes for a total repurchase cost (including accrued and unpaid interest) of approximately $51.9 million. The final aggregate cash repurchase price is subject to adjustment as a portion of the repurchase price will be based in part on the daily volume-weighted average price per share of the Company's common stock over an agreed measurement period beginning on, and including, December 11, 2025.

The Repurchases are expected to close shortly after completion of the measurement period, subject to the satisfaction of customary closing conditions. Following such closings, approximately $362.8 million aggregate principal amount of the Notes will remain outstanding.

The Company had previously entered into capped call transactions with certain financial institutions in connection with the issuance of the Notes. All of these transactions are expected to remain in effect notwithstanding the Repurchases.