Pharma BD Deal Intelligence
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.