Alnylam Pharmaceuticals this week announced that it will raise $125 million through the public sale of common stock.
The move comes as Alnylam stock is riding at around $19.90 a share, near a 52-week high of $21.38. It also follows the company's recent litigation settlement with one-time partner Tekmira Pharmaceuticals, which called for Alnylam to pay out $65 million to end the dispute (GSN 11/15/2012).
Alnylam said in a filing with the US Securities and Exchange Commission that it will use the proceeds of the offering for general corporate purposes, which may include research and development expenses, general and administrative expenses, and the potential acquisition of companies or technologies.
"Management will retain broad discretion over the allocation of net proceeds," Alnylam said in the filing.