Royalty Pharma has acquired a 1% royalty interest in Alnylam Pharmaceuticals’ FDA‑approved RNAi therapeutic AMVUTTRA for $310 million. The transaction was financed through a $310 million payment to Alnylam, with the funds originally provided by Blackstone Life Sciences for the drug’s pivotal Phase 3 HELIOS‑B trial.
Alnylam’s Q3 2025 results highlighted a strong commercial performance for AMVUTTRA, with revenue growth and a return to profitability. The drug’s sales have become a key driver of the company’s financial turnaround, prompting Alnylam to seek a cash infusion that can be deployed across its pipeline and commercial initiatives.
The $310 million cash inflow gives Alnylam additional liquidity, allowing the company to reduce debt, accelerate research and development, and expand its commercial footprint in the growing ATTR‑CM market. Management has indicated that the proceeds will support both short‑term operational needs and longer‑term growth initiatives.
For Royalty Pharma, the acquisition adds a high‑growth royalty asset to its portfolio, reinforcing its strategy of investing in approved biopharmaceutical products with strong commercial potential. The 1% royalty stake in AMVUTTRA positions Royalty Pharma to benefit from future sales, while the transaction aligns with its broader focus on RNAi therapeutics.
Investors have approached the announcement with caution, reflecting broader market sentiment and the recent external inquiry into Alnylam’s pricing practices. Despite the positive cash flow for Alnylam and the strategic fit for Royalty Pharma, market participants remain focused on the company’s ongoing regulatory and commercial challenges.
Overall, the deal underscores Royalty Pharma’s confidence in AMVUTTRA’s commercial trajectory and provides Alnylam with a significant liquidity boost that can accelerate its pipeline and commercial expansion. The transaction is a material event that will likely influence both companies’ strategic outlooks in the coming quarters.
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