CEO: Alnylam Pharmaceuticals (ALNY) Isn't Eyeing an Acquisition, Despite $400 Million in Cash
1/29/2013 8:39:26 AM
With its lead core drug candidate poised to enter pivotal trials before the end of the year, and a goal to bring four more to advanced clinical trials by the end of 2015, CEO John Maraganore of Alnylam Pharmaceuticals Inc. (Nasdaq: ALNY) says the company will ultimately need all of the $400 million in cash it has just for advancing its own pipeline. The Cambridge biotech is coming off a year which saw its stock price more than double from around $11 in January 2012 to $25 as of Monday. Earlier this month, Alnylam kicked off 2013 with a public stock offering of 9.2 million shares at $20.13 per share. Originally proposed for 8 million shares for a total of $125 million, the round was oversubscribed and ended up raising $174 million for the company. That’s on top of the $225 the company has said it expected to have at the end of 2012 (Alnylam hasn’t filed its full-year financials yet). But the company is not looking into any acquisitions right now, said Maraganore, despite the fact that the company’s preliminary prospectus filed with the SEC stipulated that cash from the most recent stock offering could be used to fund potential acquisitions of new businesses, technologies, or products.