Alnylam Pharmaceuticals IPO (2004)
Alnylam went public two years after its founding, before any RNAi drug had been approved. The company spent 14 years navigating development failures and delivery challenges before winning FDA approval for ONPATTRO in 2018, the first RNA interference therapeutic on the market.
The IPO funded early research, but the field's promise took over a decade to prove in patients.
Alnylam validated the RNAi approach and established the GalNAc conjugation technology for liver-targeted delivery that City Therapeutics now uses.
City's lead candidate CITY-FXI uses the same approach Alnylam pioneered. John Maraganore, who led Alnylam through its own IPO and first approval, now chairs City.
