secwatch.observer — SEC 8-K summary
======================================

Issuer:     ALNYLAM PHARMACEUTICALS, INC. (ALNY)
CIK:        0001178670
Form:       8-K
Filed at:   2025-09-10T23:59:59+00:00
Accession:  0001193125-25-199686
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Alnylam prices $575M zero-coupon convertible notes due 2028; repurchases $637.8M of 2027 notes
--------------------------------------------------------------------------------

- $575M principal of 0.00% convertible senior notes due 2028 priced; initial conversion price ~$670.11/share, 40% premium to VWAP.
- Net proceeds ~$561.6M; ~$30.7M used for capped call transactions with cap price ~$837.61/share (75% premium).
- Concurrently repurchased ~$637.8M of existing 1.00% convertible notes due 2027 for ~$1,105.8M including accrued interest.
- Offering upsized from earlier $500M announcement; initial purchasers have option for additional $86.25M.
- Closing expected Sept 12, 2025; notes mature Sept 15, 2028; redeemable after Sept 20, 2027 if stock >130% conversion price.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1178670/000119312525199686/0001193125-25-199686-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1178670/000119312525199686/d72540d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-199686

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer