04:31 AM EDT, 09/10/2025 (MT Newswires) -- Alnylam Pharmaceuticals ( ALNY ) said late Tuesday it has priced a $575 million private offering of 0% convertible senior notes due 2028, up from the initially planned $500 million.

The initial conversion rate is 1.4923 common shares per $1,000 principal amount of the notes, which is equivalent to an initial conversion price of about $670.11 per share.

Initial purchasers have been granted a 13-day option to purchase up to about $86.3 million additional notes.

Alnylam also said it has entered into capped call transactions. About $30.7 million of the proceeds from the offering, expected to close on Friday, will be used to cover the cost of the capped call transactions, the company said.

The remaining proceeds, along with cash on hand, will be used to repurchase about $637.8 million of its 1% convertible notes due 2027 in privately negotiated deals.