SOUTH SAN FRANCISCO, Calif., March 6, 2026, 03:53 PST
- Tenaya and Alnylam have struck a cardiovascular target-discovery deal that could total as much as $1.13 billion.
- Tenaya stands to collect as much as $10 million upfront, along with research reimbursement. Alnylam takes charge of downstream development and commercialization.
- After the deal hit, Tenaya’s shares surged 40.9% by the close on March 5.
Tenaya Therapeutics shares shot up 40.9% to $0.8193 on Thursday, after the company disclosed a collaboration with Alnylam Pharmaceuticals that could reach $1.13 billion. The deal, announced March 5, focuses on discovering new genetic targets for cardiovascular drugs.
Timing is crucial for Tenaya. Back in January, the company announced that proceeds from a $60 million stock-and-warrant offering in December would keep it funded through mid-2027. CEO Faraz Ali said they’re targeting “key clinical milestones in 2026.” That same update highlighted plans for first-half data readouts from TN-201 and TN-401. Separate filings show Tenaya has until July 27 to meet Nasdaq’s $1 minimum bid requirement. GlobeNewswire
Alnylam has plenty riding on this. Amvuttra, its key product, delivered $2.31 billion in sales in 2025 and is central to the company’s cardiovascular ambitions. But in the transthyretin amyloid cardiomyopathy (ATTR-CM) market—a heart condition caused by amyloid deposits—Alnylam is up against Pfizer’s Vyndaqel and BridgeBio’s Attruby.
The deal puts up to 15 targets on the table, with a joint research program spanning 24 months for validation. Alnylam is set to cover Tenaya’s staff and research expenses along the way, after which Alnylam steps in to handle development, manufacturing, all regulatory responsibilities, and, if things pan out, commercialization.
Not all of the headline figure is actually cash. According to the SEC filing, Tenaya’s upfront is capped at $10 million, though that amount could shrink by $500,000 each for up to eight targets the company nominates that fall short of set criteria and aren’t moved forward. The remaining payout depends on development, regulatory, and sales milestones.
Ali called the agreement a testament to Tenaya’s “rigorous science.” In the March 5 statement, he outlined plans to pair the company’s target-finding platform with Alnylam’s know-how, aiming for fresh heart-disease treatments. GlobeNewswire
The spotlight remains on Tenaya’s pipeline. TN-201 is in play for MYBPC3-linked hypertrophic cardiomyopathy, the genetic heart muscle thickener, while TN-401 targets PKP2-driven arrhythmogenic right ventricular cardiomyopathy—an arrhythmia risk. January guidance from the company pointed to first-half readouts for both. TN-201 enrollment is back on track after the FDA lifted its clinical hold in December.
Plenty could still go wrong. According to the March 4 filing, Alnylam holds the right to walk away from the deal at any time, with or without a specific reason, as long as they give notice. Most of that $1.13 billion haul is tied up in milestones that might never come through. Tenaya, meanwhile, is under pressure to keep its stock above $1 to remain in Nasdaq’s good graces.
Management’s on the agenda for the Leerink Partners Global Healthcare Conference in Miami, set for March 9. Investors are expected to seek updates on both the alliance and the anticipated 2026 readouts.
