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Alnylam Pharmaceuticals starts common stock offering

Alnylam Pharmaceuticals Inc. is selling 5 million common shares in an underwritten public offering.

The biopharmaceutical company has granted the underwriter an overallotment option to buy up to an additional 750,000 shares.

Alnylam plans to use the net proceeds from the offering to advance commercialization of Onpattro, or patisiran, in the U.S. and Europe as well as potential expansion into additional countries.

The U.K. National Institute for Health and Care Excellence did not recommend Onpattro — a ribonucleic acid-based therapy — as a treatment for hereditary transthyretin-related amyloidosis in December 2018. Hereditary transthyretin-related amyloidosis, or hATTR, is a rare, genetic, progressive disease characterized by the formation of the protein called amyloid in the peripheral nerves, heart or gastrointestinal tract.

In addition, the proceeds will be used to advance Alnylam's late-stage clinical pipeline and preparing for the potential global launch of several additional products as well as investment in its early stage pipeline, including its central nervous system and eye-related programs.

The proceeds will also be used for other research and development programs, working capital, capital expenditures, general corporate purposes and administrative expenses.

Barclays Capital Inc. is acting as sole book-running manager for the offering.