The alliance was initiated in October 2005 and is focused on the discovery, development, and commercialization of RNAi therapeutics toward a defined number of Novartis-selected disease gene targets.
With the extension of the alliance term, Novartis will continue to fund collaboration R&D efforts conducted by Alnylam. Further, Novartis retains its right to exercise a non-exclusive platform license from Alnylam in exchange for an undisclosed payment and future milestones and royalties.
In addition, Novartis has the option to extend the collaboration for one additional one-year term through 2010. Finally, Novartis retains certain rights to purchase Alnylam equity up to 19.9%; current Novartis ownership is approximately 13.4%.