(Bloomberg) -- Alnylam Pharmaceuticals Inc., the U.S. biotech company, surged as much as 9.8% following a Bloomberg report of potential takeover interest from drugmaker Novartis AG and the purchase of a competitor.
Alnylam is in the spotlight as its Chief Executive Officer John Maraganore prepares to step down at year-end. The company, which turned a Nobel Prize-winning concept called RNA interference, or RNAi, into approved treatments for rare and deadly genetic conditions, last traded about 6% higher.
“We don’t comment on market rumors,” said Alnylam spokeswoman Christine Lindenboom.
Novo Nordisk A/S earlier agreed to buy Dicerna Pharmaceuticals Inc., which has also focused on the use of RNA interference, a technology that blocks cellular messenger containing instructions for making proteins.
Maraganore, who has led Alnylam since the company was founded in 2002, will be succeeded by Chief Operating Officer Yvonne Greenstreet. The shares have climbed about 40% this year, valuing the company at almost $22 billion.
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