Blackstone makes largest-ever life sciences investment in Alnylam

Blackstone’s $2 billion investment in Alnylam is a departure from its other life sciences investments in size and scope, but the deal still fits the investor’s core model of focusing on products rather than companies.

On Monday, the companies announced that the Blackstone Group’s Life Sciences division will make a combined equity and debt investment in Alnylam. The deal includes a $1 billion royalty and commercial milestone purchase around the PCSK9-targeting RNAi therapy inclisiran, plus up to $150 million in development funding for two other cardiometabolic products, a $100 million purchase of Alnylam Pharmaceuticals Inc. (NASDAQ:ALNY) common stock and a loan of up to $750 million. ...