Alnylam Pharmaceuticals entered into private repurchase agreements on December 10, 2025 to buy back roughly $34.4 million of its 1.00% Convertible Senior Notes due 2027, paying a total of about $51.9 million including accrued interest. The transaction will close shortly after the measurement period that began on December 11, 2025, and will leave the company with $362.8 million of the notes outstanding, a reduction of $34.4 million in long‑term debt.
The repurchase is part of Alnylam’s disciplined capital‑structure strategy. By taking advantage of favorable market conditions and a strong cash position, the company avoided potential covenant triggers as the notes approach their 2027 maturity. The move also preserves flexibility for future pipeline development and strategic acquisitions, aligning with the company’s “P5x25” growth framework.
CEO Yvonne Greenstreet said the repurchase “demonstrates Alnylam’s strong cash position and commitment to optimizing its capital structure.” She added that the freed cash will support ongoing RNAi therapeutic development and potential acquisitions, reinforcing the company’s focus on sustainable innovation.
Alnylam’s debt reduction improves its leverage profile and strengthens its balance sheet, providing a buffer against market volatility and enabling the company to pursue high‑return opportunities in its pipeline. The transaction also maintains the capped call transactions that limit potential dilution from convertible note conversions, further protecting shareholder value.
The repurchase underscores Alnylam’s proactive approach to debt management, a pattern seen in the September 2025 repurchase of $637.8 million of existing notes. Together, these actions signal confidence in the company’s financial health and its ability to fund growth without compromising capital structure.
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