Sanofi (SNY) has agreed to acquire a 12% holding in Alnylam Pharmaceuticals (ALNY) for $700M in a deal that will also deepen the companies' co-operation in the development of therapies for rare genetic diseases.
Sanofi is paying $80 a share for the stake, a 21% premium to Alnylam's closing price of $66.21 on Friday.
Sanofi and Alnylam will expand their partnership involving Patisiran, a development-stage treatment for a rare life-threatening nervous-system disease called transthyretin-familial amyloid polyneuropathy. Sanofi will sell Patisiran in all markets outside North America and Western Europe, adding to its rights in Japan and Asia-Pacific.
Sanofi will gain the rights to develop and market three other drugs as well, and an option on all of Alnylam's drugs for rare genetic diseases.
The deal comes after Sanofi suffered a patent cliff in which it lost IP protection on nine drugs in three years. (PR)