ALNY surges on Blackrock $2 billion investment

Shares of Alnylam Pharmaceuticals Inc. ALNY, +4.48% rallied 7.4% in premarket trading Monday, after Blackstone Group Inc. BX, +4.68% confirmed that it was investing $2 billion in the biopharmaceutical company. The deal was earlier reported by The Wall Street Journal. The investment includes $1 billion to buy 50% of the royalties and commercial milestones of Alnylam's high cholesterol treatment inclisiran, and up to $150 million to develop Alnylam's cardiometabolic programs vutrisiran and ALN-AGT. Blackstone will also provide Alnylam with a term loan of up to $750 million and is buying $100 million worth of newly issued stock. Alnylam's stock has gained 1.5% over the past three months through Friday, while Blackstone shares have lost 15.9% and the S&P 500 SPX, +1.44% has declined 15.2%.
Source MarketWatch