Shares Of Alnylam Pharmaceuticals Lower Following Equity Offering

Shares of Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) tumbled 4 percent Wednesday morning as the company priced 4.73 million shares of common stock at $95 per share after announcing on Tuesday it plans to initiate a public offering of common stock.

All of the shares being offering will be sold by the company with the offering expected to close on or about January 26.

The company plans to use the proceeds for general corporate purposes, focused on achieving its Alnylam 2020 profile with three marketed products, 10 RNAi therapeutic clinical programs, including four in late stages of development.

Shares recently traded at $92.31, down more than 4 percent.