Rodman & Renshaw Maintains Market Outperform on Alnylam Pharma After PFE Acquisition Announcement

Rodman & Renshaw has published a research report on Alnylam Pharmaceuticals (NASDAQ: ALNY) after the announcement that Pfizer (NYSE: PFE) would acquire privately held Excaliard Pharmaceuticals.

In the report, Rodman & Renshaw writes, "Although specific terms were not disclosed, Pfizer will make an upfront payment, as well as additional milestone-based payments. The acquisition is expected to close before the end of the year and was based on EXC 001, an antisense oligonucleotide currently in Phase II development for the treatment of skin scarring. EXC 001 is designed to interrupt the fibrosis by inhibiting the expression of connective tissue growth factor (CTGF). CTGF is overexpressed in damaged skin and tissue and can lead to disfiguring skin scarring. Thus far, the Phase II program has demonstrated efficacy in three separate trials where EXC 001 showed a significant reduction in scar severity versus placebo and was well-tolerated."

Rodman & Renshaw maintains its Market Perform rating and $12 price target on Alnylam Pharmaceuticals, which closed Wednesday at $6.50.