Between January 2005 and May 2008, Alnylam Pharmaceuticals Inc.’s stock rose nearly 400%. That incredible value creation was driven by alliances with Novartis AG, Roche, and Takeda Pharmaceutical Co. Ltd., which together brought in about a half billion dollars in up-front cash and equity payments. [See Deal][See Deal][See Deal]
But after 2008, Alnylam’s lifeblood of pharmaceutical partnerships – largely struck as non-exclusive alliances that for years gave the illusion...