Fast mover in RNAi

With a big downpayment and potential to reach blockbuster scale, Novartis AG's strategic collaboration to develop RNAi-based therapeutics with Alnylam Pharmaceuticals Inc. reflects the pharma company's belief that making a big bet on a new therapeutic modality early on will get it to yes-no answers faster and - if it works - give it a leading position that others will have trouble following.

Novartis (NVS; SWX:NOVN, Basel, Switzerland) will make initial payments of $56.8 million, including $10.1 million upfront and the purchase of 4.2 million shares of ALNY at $11.11, which will give NVS a 19.9% stake...