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Novartis buys 55,000 Alnylam Pharma shares

Mon, 04/26/2010 - 5:17am
The Associated Press

Alnylam Pharmaceuticals said Monday that Swiss drugmaker Novartis AG bought 55,223 of its shares to maintain the same ownership level.

The Cambridge, Mass., company had 41.8 million shares on the market as of Jan. 31. That's up from 41.4 million shares on Jan. 31, 2009.

Alnylam said Novartis paid $17.99 per share, providing Alnylam with around $993,000. Novartis has been an Alnylam stockholder since September 2005, and Monday's share purchase allows it to maintain a 13.4-percent stake in Alnylam.

Novartis is allowed to buy as much as 19.9 percent of Alnylam stock.

Alnylam Pharmaceuticals Inc. is an RNA drug developer, and it works on drugs that use gene silencing technology, designed to turn off proteins that cause disease.

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