Royalty Pharma Acquires Royalty Interest In Alnylam's Amvuttra From Blackstone Life Sciences For $310M

Royalty Pharma plc (NASDAQ:RPRX) today announced that it has acquired a royalty interest in Alnylam's AMVUTTRA from funds managed by Blackstone Life Sciences ("Blackstone") for $310 million. The royalty interest being sold stems from Blackstone's 2020 financing collaboration with Alnylam, in which Blackstone invested to support AMVUTTRA's pivotal Phase 3 HELIOS-B trial.

AMVUTTRA is an FDA-approved RNAi therapeutic for the treatment of ATTR amyloidosis, a progressive, degenerative and fatal disease caused by misfolded proteins that accumulate in the nerves, heart and GI tract.

"We are delighted to acquire a royalty interest in AMVUTTRA," said Pablo Legorreta, founder and Chief Executive Officer of Royalty Pharma. "AMVUTTRA is a breakthrough RNAi therapeutic that delivers compelling benefits to patients, including a meaningful reduction in all-cause mortality for ATTR cardiomyopathy patients. Its impressive commercial trajectory underscores the significant market opportunity for the product and positions it as a highly attractive contributor to Royalty Pharma's portfolio."  

AMVUTTRA received FDA approval for the treatment of TTR amyloidosis with cardiomyopathy (ATTR-CM) in 2025 and for hereditary TTR amyloidosis with polyneuropathy (hATTR-PN) in 2022. ATTR-CM represents a fast-growing category driven by new therapeutic options and improving diagnosis rates. There are approximately 30,000 hATTR-PN patients globally and more than 300,000 ATTR-CM patients globally, of which just 20% are currently diagnosed. AMVUTTRA sales reached approximately $1 billion in 2024, which represented 74% year-over-year growth, and are projected to exceed $6 billion by 2028 based on analyst consensus.

Transaction Terms

Royalty Pharma has acquired Blackstone's 1% royalty on worldwide net sales of AMVUTTRA in exchange for an upfront payment of $310 million. The royalty duration for AMVUTTRA will extend through March 2035. The transaction is expected to deliver returns consistent with Royalty Pharma's stated targets for approved products under a range of scenarios that factor in significant potential competition from Alnylam's follow-on product, nucresiran. The transaction with Royalty Pharma is for AMVUTTRA sales beginning on October 1, 2025 and excludes the fixed payments paid to Blackstone as part of the original transaction in which Blackstone invested $70 million.