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Investing

Alnylam Secondary Plays Out (ALNY)

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By Jon C. Ogg Published
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Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) took a rather sharp beating yesterday on word that it was going to have a secondary offering.  We now have details on that offering and it comes to 7.5 million shares at a price of $10.75 per share.  Keep in mind that he $10.98 close on Tuesday was down from $12.39 on Monday and the close last Thursday was $13.05.

The company has a broad and diverse pipeline with many key partners.  All of the shares are being sold by Alnylam.

The underwriting group is larger than what we originally saw as well: J.P. Morgan Securities is acting as the sole book-running manager for the offering; co-managers were listed as Leerink Swann, Needham & Company, JMP Securities, Rodman & Renshaw, MLV & Co., and Chardan Capital Markets. These underwriters have an overallotment option of 1.125 million shares.

Alnylam shares are trading up marginally at $11.00 per share as the appearance of the worst seems to be over.  This one took a pretty steep haircut even before the secondary was announced and this will allow it to further develop that extensive pipeline and partnerships.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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