Pharma BD Deal Intelligence
A $1B RNAi collaboration where Regeneron bought a $400M equity stake in Alnylam to co-develop eye and CNS therapeutics. The partnership deepened Alnylam's platform reach into new disease areas well beyond its early liver-targeted franchise.
Regeneron and Alnylam ink $1 billion eye and central nervous system R&D deal to advance RNAi therapeutics across 30 targets
Regeneron to invest $800 million in Alnylam for RNAi therapeutics collaboration targeting eye and CNS diseases with equity stake
ALN-APP (mivelsiran) Phase 1 enrolling with potent, durable APPbeta reduction; ALN-HTT02 Huntington's disease Phase 1b ongoing, developed in partnership with…
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Regeneron and Alnylam entered a broad strategic collaboration to discover, develop, and commercialize RNAi therapeutics for eye and CNS diseases. Regeneron made a $400 million equity investment in Alnylam and the deal included development milestones and profit-sharing arrangements.
200K US cases/yr · $3.0B GA/AMD Treatment Market (2024)
Geographic atrophy is the advanced form of dry AMD, affecting ~1.5 million Americans. Two complement inhibitors (Syfovre by Apellis, Izervay by Astellas) were approved in 2023 for GA. The Regeneron-Alnylam collaboration targets eye diseases with RNAi, a different modality approach.
Regeneron invested $400M equity in Alnylam to access RNAi therapeutics for eye and CNS diseases. Ocular delivery of siRNA faces challenges (penetration, durability) but could offer alternatives to frequent intravitreal injections. Programs remain in early discovery. Anti-VEGF therapies (Eylea, Lucentis) dominate wet AMD ($10B+ market).
$5.0B RNAi Therapeutics Market (2024, all indications)
Delivering RNAi therapeutics to the CNS is a major challenge. The Regeneron-Alnylam collaboration aims to develop siRNA therapies for neurodegenerative diseases. CNS delivery requires crossing the blood-brain barrier, a problem that intrathecal delivery and novel conjugates are attempting to solve.
Alnylam has pioneered hepatocyte-targeted siRNA (Onpattro, Amvuttra, Leqvio) using GalNAc conjugation. CNS delivery is fundamentally different, requiring new delivery technologies. Competitors include Ionis (ASOs with proven CNS delivery via intrathecal route) and Arrowhead. The collaboration is early-stage with no clinical candidates disclosed.
Regeneron made $400M equity investment. Collaboration for RNAi therapeutics in eye and CNS diseases.
Regeneron-partnered CNS program ALN-APP (mivelsiran) for Alzheimer's disease / cerebral amyloid angiopathy reported positive interim Phase 1 data — the first clinical demonstration of RNAi-mediated gene silencing in the human brain.
Regeneron-partnered CNS program ALN-HTT02 for Huntington's disease reported ongoing in Phase 1b at Alnylam R&D Day; ALN-APP Phase 1 continuing with durable APPbeta reduction. Collaboration remains active.
Discovery-stage RNAi programs for ophthalmology and CNS indications. Long-term platform collaboration.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Regeneron Pharmaceuticals, Inc. / Alnylam Pharmaceuticals Inc. (this deal) | 2019 | $1.0B | 77 |
| Regeneron Pharmaceuticals, Inc. / CytomX Therapeutics, Inc. | 2026 | $4.0B | 62 |
| Regeneron Pharmaceuticals, Inc. / Sanofi S.A. (Libtayo global rights) | 2022 | $1.1B | — |
| Regeneron Pharmaceuticals, Inc. / 23andMe, Inc. | 2025 | $256M | — |
| Regeneron Pharmaceuticals, Inc. / Parabilis Medicines, Inc. | 2026 | $2.3B | — |
| Regeneron Pharmaceuticals, Inc. / Telix Pharmaceuticals Limited | 2026 | $2.1B | — |
| Regeneron Pharmaceuticals, Inc. / Tessera Therapeutics, Inc. | 2025 | $275M | — |
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