Genzyme makes $23-million stock purchase
Cambridge-based biotechnology firm Genzyme announced the purchase of $23 million in stock from Alnylam Pharmaceuticals Inc.
Genzyme’s purchase of 344,448 unregistered shares of common stock allow the company, which has operations in Framingham, to maintain its 12-percent stake in Alnylam, also based in Cambridge.
In January, Genzyme and Alnylam announced Genzyme’s purchase of 12-percent of the company, a deal valued at $700 million.
According to Genzyme, the investment was part of a broader agreement with Alnylam to develop and commercialize treatments for rare genetic diseases. As part of the agreement, Genzyme is gaining rights to commercialize three Alnylam products.
“This additional investment in Alnylam represents a continued endorsement of (Genzyme’s) commitment to our collaborative efforts as we work together to develop and commercialize RNAi therapeutics and genetic medicines,” said Laurence Reid, senior vice president and chief business officer at Alnylam.
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