John Maraganore (Alnylam)

'Why not do it now?' Al­ny­lam's John Maraganore takes up Black­stone's $2B of­fer to build the fi­nal 'bridge to prof­itabil­i­ty'

When Olivi­er Brandi­court joined Al­ny­lam’s board two months ago, CEO John Maraganore high­light­ed how the for­mer Sanofi chief’s com­mer­cial ex­pe­ri­ence would pro­vide per­spec­tive on the biotech’s “path to fi­nan­cial self-sus­tain­abil­i­ty.” As it turned out, at Black­stone, where he was new­ly named se­nior ad­vi­sor, Nick Galakatos was con­tem­plat­ing play­ing an even big­ger role on that path.

Black­stone — which has raised the bulk of a new $4.58 bil­lion fund — is in­vest­ing $2 bil­lion in Al­ny­lam’s RNAi ma­chin­ery, $600 mil­lion of which has al­ready ex­changed hands. In re­turn, the pri­vate eq­ui­ty firm gets half of the roy­al­ties that Al­ny­lam will re­ceive from No­var­tis on in­clisir­an, a chunk of stock $AL­NY, as well as some fu­ture mile­stones.

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Alexandria Real Estate Equities

Cambridge, MA, USA