The Life Sciences team advised Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) on its $2 billion strategic financing collaboration with Blackstone (NYSE: BX). The comprehensive relationship will support Alnylam’s advancement of innovative RNA interference (RNAi) medicines that have the potential to transform the lives of patients suffering from a range of debilitating diseases.
The collaboration is anchored by a royalty monetization, under which Blackstone Life Sciences has purchased 50% of the royalties and 75% of the commercial milestones owed to Alnylam on global sales of inclisiran, an investigational RNAi therapeutic for the treatment of hypercholesterolemia, in exchange for up to $1 billion in committed payments. Alnylam will retain the remaining 50% of royalties and 25% of the commercial milestones.
Additionally, GSO Capital Partners, Blackstone’s credit platform, has entered into a $750 million first lien senior secured delayed draw term loan with Alnylam. The term loan is available in three tranches, with availability of the second and third tranches to be triggered by the first commercial sale of inclisiran or the achievement of a revenue milestone related to Alnylam’s approved products Onpattro and Givlaari. Blackstone Life Sciences has also agreed to provide up to $150 million to Alnylam for the development of Alnylam’s cardiometabolic programs vutrisiran and ALN-AGT, to be established based on a non-binding letter of intent. Finally, Blackstone Life Sciences has purchased $100 million of Alnylam’s common stock.
The Goodwin cross-disciplinary team that advised Alnylam across the collaboration was led by partners Kingsley Taft and Gregg Katz and associate Yasin Akbari (Life Sciences), and associate Chris Steinroeder (Debt Finance) and partner Shane Albright.
The team also included partner Dan Karelitz and associate Nicole Spiteri (Tax) and paralegal Annelise Wexner (Debt Finance), counsels Kirby Lewis and Kara Kuritz (Antitrust) and partner James Matarese (M&A).
For additional details on the collaboration, please read the press release.