04:55 PM EDT, 09/08/2025 (MT Newswires) -- Alnylam Pharmaceuticals ( ALNY ) said Monday it launched a $500 million private offering of convertible senior notes due 2028, subject to market conditions.

The company said initial purchasers will have an option to buy up to an additional $75 million.

The notes will be senior unsecured obligations, with interest payable semiannually, and will be convertible into cash, stock, or a mix at Alnylam's option. They will also be redeemable for cash on or after September 2027 if the stock trades above a set threshold.

Alnylam plans to use some proceeds to fund capped call transactions and to repurchase part of its 1.00% convertible notes due 2027. Any remaining funds will go toward general corporate purposes, according to the company.