Pharma BD Deal Intelligence
A quiet 2013 license of Alnylam's RNAi technology targeting PCSK9 that cascaded into Novartis paying $9.7B for The Medicines Company in 2020. Inclisiran promised twice-yearly cholesterol injections, though commercial uptake has been slower than the science suggested.
CLARIFICATION: The $9.7B Novartis/inclisiran transaction was an acquisition of The Medicines Company (not a licensing deal). The underlying licensing deal was between Alnylam Pharmaceuticals and The Medicines Company, signed February 2013. TMC obtained exclusive global rights to develop, manufacture, and commercialize Alnylam's ALN-PCS RNAi therapeutics targeting PCSK9 (which became inclisiran/Leqvio). Alnylam received an upfront payment (amount undisclosed) and was eligible for development/commercial milestones and tiered royalties of 10-20% on global sales. When Novartis acquired TMC for $9.7B in January 2020, Alnylam's royalty stream transferred to the Novartis relationship. Blackstone subsequently purchased 50% of Alnylam's inclisiran royalties for up to $2 billion in 2020.
LDL-lowering atherosclerotic CVD (ASCVD) therapy splits into five MOA classes that a commercial lead should size against inclisiran's PCSK9-targeting siRNA. RNA-interference PCSK9 silencer (inclisiran/Leqvio, Novartis, FDA-approved December 2021 per ORION-10/-11, dosed twice yearly; Novartis FY2023 net sales $0.36B per Novartis IR, ramping toward blockbuster status). PCSK9 monoclonal antibodies: evolocumab (Repatha, Amgen, FDA-approved 2015, FY2023 sales $1.56B per Amgen 10-K, FOURIER OS-neutral MACE reduction); alirocumab (Praluent, Regeneron/Sanofi, FDA-approved 2015, ODYSSEY OUTCOMES) — dominant PCSK9 class but burdened by Q2W/Q4W self-injection. Statins: high-intensity rosuvastatin (Crestor, generic), atorvastatin (Lipitor, generic) — foundational, >$10B historical global class sales, commoditized. Ezetimibe (Zetia, Merck, generic): cholesterol-absorption inhibitor add-on per IMPROVE-IT. ATP-citrate lyase inhibitor: bempedoic acid (Nexletol/Nexlizet, Esperion, FDA-approved 2020, CLEAR Outcomes CV benefit 2023). Angptl3 silencer: zodasiran (Arrowhead, Phase 3). Commercial threat to inclisiran: Repatha/Praluent hold the PCSK9-mAb standard and are preferred where rapid LDL lowering is needed; inclisiran's twice-yearly dosing is the core differentiator but requires in-office HCP administration under the buy-and-bill model, constraining primary-care penetration. Statin/ezetimibe generics remain the true volume ceiling.
The Medicines Company licensed inclisiran (RNAi PCSK9) from Alnylam for global development.
Novartis acquired TMC primarily for inclisiran. One of largest pharma acquisitions driven by single asset.
Inclisiran (Leqvio) approved. Twice-yearly dosing. Novartis paid $9.7B for TMC. Alnylam received ongoing royalties.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| The Medicines Company / Alnylam Pharmaceuticals Inc. (this deal) | 2013 | — | 87 |
| Pfizer Inc. / FoldRx Pharmaceuticals | 2010 | — | 99 |
| Abbott Laboratories / Knoll Pharmaceuticals (BASF Pharma) | 2000 | $6.9B | 95 |
| Astra AB / Zeneca Group plc | 1998 | $35.0B | 94 |
| Merck & Co. Inc. / Acceleron Pharma Inc. | 2021 | $11.5B | 90 |
| Johnson & Johnson / Actelion Ltd | 2017 | $30.0B | 90 |
| Eli Lilly and Company / Boehringer Ingelheim GmbH | 2011 | $444M | 89 |
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