Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) took a rather sharp beating yesterday on word that it was going to have a secondary offering. We now have details on that offering and it comes to 7.5 million shares at a price of $10.75 per share. Keep in mind that he $10.98 close on Tuesday was down from $12.39 on Monday and the close last Thursday was $13.05.
The company has a broad and diverse pipeline with many key partners. All of the shares are being sold by Alnylam.
The underwriting group is larger than what we originally saw as well: J.P. Morgan Securities is acting as the sole book-running manager for the offering; co-managers were listed as Leerink Swann, Needham & Company, JMP Securities, Rodman & Renshaw, MLV & Co., and Chardan Capital Markets. These underwriters have an overallotment option of 1.125 million shares.
Alnylam shares are trading up marginally at $11.00 per share as the appearance of the worst seems to be over. This one took a pretty steep haircut even before the secondary was announced and this will allow it to further develop that extensive pipeline and partnerships.
JON C. OGG
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