Alnylam Scores a $2 Billion Investment From Blackstone
Investors wondering what Blackstone (NYSE: BX) would do with the gigantic new life sciences fund it was launching got a big piece of the picture Monday. The private-equity firm committed $2 billion to Alnylam (NASDAQ: ALNY) in return for a slate of commitments that include rights to royalties from Novartis (NYSE: NVS) for sales of inclisiran, a gene-silencing drug widely expected to earn approval soon.
In January, Blackstone raised a whopping $3.4 billion for its life science fund, which has joined forces with the private equity firm's credit platform to offer Alnylam $1 billion for half of the royalties the biotech company is expected to receive from Novartis for inclisiran. Sales of inclisiran could reach $1.7 billion annually in 2024 if the FDA approves it to lower cholesterol for patients who aren't responding well enough to previously available therapies.
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Source Fool.com
