Pharma BD Deal Intelligence

Sanofi SA / Alnylam Pharmaceuticals Inc.

2014 · Licensing/Option · $700M · Complete

Sanofi's Genzyme unit paid $700M for a 12% Alnylam stake plus expanded rights to its RNAi rare-disease pipeline including patisiran — a bust. Sanofi unwound most of the alliance in 2018, kept only fitusiran, then sold its equity stake at a loss in 2019 just before Alnylam's valuation took off.

WRONG BY 42 POINTS
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The coverage arc

Jan 13, 2014 Alnylam / Genzyme (GlobeNewswire) Bullish

Alnylam CEO John Maraganore: 'This new relationship with Genzyme is transformational for Alnylam. It is a game changer for both the advancement of RNAi…

Jan 14, 2014 PharmaTimes Neutral

PharmaTimes reports Sanofi/Genzyme spent $700 million for an approximately 12% stake in Alnylam, summarizing the expanded RNAi rare-disease collaboration…

Dec 31, 2018 pharmaphorum Neutral

Retrospective noting Sanofi and Alnylam concluded the research phase of their RNAi alliance, reviewing how the 2014 collaboration evolved over its term.

Source summaries from our enrichment pipeline; follow links for originals.

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Sanofi's Genzyme unit paid Alnylam approximately $700M for a 12% equity stake plus expanded ex-U.S. rights to Alnylam's RNAi rare-disease pipeline including patisiran. The deal anchored Sanofi's bet on RNAi as a platform and was one of the largest equity-plus-rights packages of 2014.

Did it work? Outcome assessment

Strategic verdict
Achieved Stated Rationale
Financial impact
Accretive
Structured as an expanded collaboration plus a ~$700M Genzyme equity investment in Alnylam (Jan 2014), not an absorption. By the 5yr mark the alliance had delivered ONPATTRO (patisiran), the world's first approved RNAi therapeutic (Aug 2018), with Sanofi/Genzyme holding commercialization rights outside North America and Western Europe; Sanofi exercised its option on fitusiran. Equity stake appreciated materially over the window.
Pipeline outcome
Assets Advanced
Alliance advanced three Phase 3 programs (patisiran, vutrisiran, fitusiran). ONPATTRO approved 2018 for hereditary ATTR amyloidosis polyneuropathy. Sanofi opted into and assumed development of fitusiran (hemophilia, Phase 3). Research-and-option phase formally concluded April 2019 with programs split between the parties as planned.

Key facts

Disease & market context

Hereditary Transthyretin (hATTR) Amyloidosis

Disease Overview

Hereditary ATTR amyloidosis is a rare, progressive, multisystem genetic disease caused by mutations in the TTR gene that produce misfolded transthyretin protein, which deposits as amyloid fibrils in peripheral nerves, the heart, and GI tract. Untreated, the polyneuropathy form is debilitating and fatal within roughly 5-15 years of symptom onset, with very limited disease-modifying options before 2018.

Competitive Landscape

At deal signing in January 2014, Pfizer's tafamidis (Vyndaqel) was the only TTR-targeting agent on the market, and only outside the US, leaving hATTR patients globally with essentially no disease-modifying options beyond off-label diflunisal and liver transplant. Alnylam's RNAi platform was the most advanced gene-silencing approach, with patisiran in Phase 3 (APOLLO) and revusiran in development for ATTR cardiomyopathy. The Sanofi-Genzyme deal anchored RNAi as a credible rare-disease modality after Merck, Roche, and Novartis had abandoned the technology between 2006-2010 over delivery hurdles. Patisiran (Onpattro) ultimately became the first FDA-approved RNAi therapeutic in August 2018, validating the platform; Ionis/Akcea's antisense competitor Tegsedi (inotersen) followed weeks later. The 2018 restructuring returned full ATTR rights to Alnylam and gave Sanofi global rights to fitusiran for hemophilia, with Sanofi taking up to 25% royalties on patisiran in territories it relinquished. Today the hATTR market is contested across patisiran, vutrisiran (Amvuttra), inotersen, and the tafamidis franchise (Vyndaqel/Vyndamax), with TTR silencers competing against TTR stabilizers.

Related deals — scored

DealYearValueOutcome
Sanofi SA / Alnylam Pharmaceuticals Inc. (this deal)2014$700M36
Sanofi SA / Regeneron Pharmaceuticals, Inc.2007$1.0B97
Sanofi SA / Synthelabo S.A.1998$11.0B84
Sanofi SA / Genzyme Corporation2011$20.1B84
Sanofi SA / Amunix Pharmaceuticals Inc.2021$1.2B76
Sanofi SA / Genzyme Corporation2010$18.5B75
Sanofi SA / Translate Bio Inc.2018$805M73

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