On December 11, 2025, Alnylam Pharmaceuticals, Inc. (ALNY) executed a repurchase of convertible notes. The 8-K filing disclosed the company repurchased $34.4 million in aggregate principal amount of convertible notes for a total cost of $51.9 million, including accrued and unpaid interest.

According to the filing, the final repurchase price is dependent on Alnylam's stock price over a measurement period. The transaction was completed on December 11, 2025, as detailed in Exhibit 99.1, a press release attached to the SEC filing.

The filing notes that Alnylam's ability to execute on its Alnylam P5x25 strategy is among the risk factors mentioned. Other risks include the company's ability to develop novel drug candidates, obtain regulatory approvals, and manage its operating expenses.