Blackstone invests $2 billion in Alnylam, boosting gene-silencing drug development [Yahoo! Finance News]
Blackstone Inc. (BX)
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Source: Yahoo! Finance News
Reuters) - Blackstone Group Inc said on Monday it invested $2 billion in Alnylam Pharmaceuticals Inc through an equity-and-debt deal, giving the drugmaker a financial boost to develop its gene-silencing therapies.Alnylam, whose shares were nearly 7% higher in premarket trading, specializes in the development of medicines using the Nobel prize-winning RNA interference RNAi) technology and earlier this month agreed to develop treatments for the new coronavirus with Vir Biotechnology Inc .Blackstone said on Monday it purchased 50% of the royalties on global sales of Alnylam's cholesterol therapy inclisiran, currently under review by the U.S. Food and Drug Administration.Inclisiran, belonging to a class of drugs that inhibit a protein known as PCSK9, was co-developed with The Medicines Co, which was bought by Novartis AG earlier this year.The private equity firm said it would provide $1 billion in committed payments to Alnylam, a term loan of up to $750 million, and purchase $100 milli
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