Alnylam Pharmaceuticals, Inc. (NasdaqGS:ALNY) announced a private placement of 8,766,338 common shares at $79.85 per share for gross proceeds of $699,992,089.30 on January 11, 2014. Genzyme Corporation, a new investor will acquire 12% stake in the company. The investor will have an option to increase its stake to 30% of the capital during the entire period of its cooperation with the company.

The transaction has been approved by the boards of both companies, and is subject to customary closing conditions and clearances under the Hart-Scott Rodino Antitrust Improvements Act. The transaction is expected to close during the first quarter of 2014. Mathieu Wallich-Petit and Céline Lécuyer of KPMG TS will act as the financial due diligence advisors to the investor.