SEC Filing Gives Additional Details About Alnylam, Inex Deal
Alnylam Pharmaceuticals provided additional details about its recently expanded collaboration with Inex Pharmaceuticals in a US Securities and Exchange Commission filing this week.
Under the terms of the deal, Alnylam is to pay Inex $8 million in cash and/or stock, at Alnylam’s option, as well as licenses to Alnylam intellectual property, in exchange for a worldwide, exclusive license to Inex’s liposomal delivery technology (see RNAi News, 1/11/2007).
Pursuant to their arrangement, Alnylam gave 361,990 shares of its common stock to Inex this week. If the value of the stock plus the proceeds from Inex’s sale of any of the shares before Feb. 16 is less than $8 million, Alnylam has agreed to pay the difference to Inex in cash on Feb. 23., according to the SEC filing.
In conjunction with its Inex deal, Alnylam said in the filing that partner Novartis has the right to purchase from Alnylam the number of common shares that will keep its ownership stake the same as it was prior to the Inex agreement.
In Sept. 2005, Novatis signed an RNAi drug discovery and development alliance with Alnylam (see RNAi News, 9/9/2005).As part of that deal, Novartis took a 19.9-percent stake in the RNAi drugs shop.
CytRx Inks New Licensing Option Deal with UMass Medical
CytRx said this week that its newly formed pure-play RNAi drugs subsidiary, RXi Pharmaceuticals, has acquired from the University of Massachusetts Medical School the option to license the rights to all unrestricted therapeutic RNAi technology developed at the institution over the next three years.
In exchange, RXi will provide UMMS with undisclosed cash and equity payments.
“Following disclosure by UMMS of new, unrestricted RNAi technologies, RXi will have the right, by making a specified cash payment to UMMS, to acquire an option to negotiate on an exclusive basis with UMMS to obtain a worldwide, exclusive license to the disclosed technology on commercially reasonable terms,” CytRx said. “The option rights are contingent upon RXi's receipt of working capital funding in the coming months.”
Last week, CytRx announced that it had spun out its RNAi drug operations into the new subsidiary, a move the company first told RNAi News it was planning in late 2005 (see RNAi News, 1/11/2007).
Nastech to Sell $42.9M in Common Stock
Nastech Pharmaceuticals this week announced that it would publicly offer 3.25 million of its common stock for an estimated total offering price of about $42.9 million, or $13.20 per share.
All shares are being offered by Nastech.
In mid-Thursday trading on the Nasdaq, shares of Nastech were down $0.91 at $13.51.
Isis to Sell $125M in Convertible Subordinated Notes
Isis Pharmaceuticals said this week that it intends to raise about $125 million through the private sale of convertible subordinated notes due 2027.
Additionally, the company said it will grant the initial buyers of the notes an option to purchase another $37.5 million of the notes.
Isis said it will use the net proceeds of this offering to repurchase, retire, or repay its 5.5 percent convertible subordinated notes due 2009 and to use any remaining proceeds for general corporate and working capital purposes.