The 1% convertible notes are due 2027

Davis Polk advised the representative of the initial purchasers in connection with a Rule 144A offering by Alnylam Pharmaceuticals, Inc. of $1.035 billion aggregate principal amount of its 1.00% convertible senior notes due 2027, including $135 million principal amount of convertible notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional convertible notes. In addition, Davis Polk advised counterparties to capped call transactions entered into in connection with the offering.

Headquartered in Cambridge, Massachusetts, and founded in 2002, Alnylam is a global commercial-stage biopharmaceutical company developing novel therapeutics based on ribonucleic acid interference, or RNAi. Alnylam has developed a new class of innovative medicines, known as RNAi therapeutics. RNAi therapeutics are composed of small interfering RNA, and function upstream of conventional medicines by potently silencing messenger RNA, that encode for proteins implicated in the cause or pathway of disease, thus preventing them from being made. Alnylam has five approved RNAi-based medicines: ONPATTRO (patisiran), GIVLAARI (givosiran), OXLUMO (lumasiran), AMVUTTRA (vutrisiran) and Leqvio (inclisiran). Alnylam’s common stock is listed on Nasdaq under the symbol “ALNY.”

The Davis Polk capital markets team included partner Richard D. Truesdell Jr., counsel Jeffrey S. Ramsay and associate Sarah Greene. The equity derivatives team included partner John M. Brandow, counsel Faisal Baloch and Katharine O’Banion and associates Gregory Edgar Marchesini and Eugenia S. Lee. The tax team included partner Michael Farber and counsel Aliza Slansky. All members of the Davis Polk team are based in the New York office.