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Alnylam Pharmaceuticals (ALNY) Announces Closing Of Previously Announced Acquisition Of Merck & Co., Inc. (MRK)'s Sirna Therapeutics, Inc. (RNAI) Subsidiary


3/6/2014 9:46:12 AM

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CAMBRIDGE, Mass.--(BUSINESS WIRE)--Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), a leading RNAi therapeutics company, announced today that the previously announced acquisition of Merck’s wholly owned subsidiary Sirna Therapeutics, Inc. (“Sirna Therapeutics” or “Sirna”) has closed, following the expiration of the Hart-Scott-Rodino waiting period. On January 10, 2014, Alnylam entered into a stock purchase agreement with Merck pursuant to which Alnylam agreed to purchase from Merck all of Merck’s rights, title, and interest in and to all of the outstanding shares of common stock of Sirna Therapeutics. In consideration for the Sirna common stock, Alnylam paid Merck $25.0 million in cash. In addition, Alnylam agreed to issue to Merck 2,520,044 shares of Alnylam common stock, having a value of $150.0 million as calculated under the terms of the stock purchase agreement on the date of execution, and representing an approximately 3% ownership position in Alnylam’s outstanding common stock. Alnylam issued 85% of the shares at the closing and will issue the remainder of shares upon the completion of certain technology transfer activities pursuant to the terms of the stock purchase agreement.

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