Tenaya Therapeutics and Alnylam Pharmaceuticals entered a discovery collaboration valued at up to $1.23 billion, with a $10 million upfront payment and $1.13 billion in development and commercial milestones. Tenaya will identify up to 15 novel cardiovascular genetic targets, facing a $500,000 reduction in the upfront fee per candidate that fails Alnylam’s criteria for up to eight targets.

Following target nomination, Tenaya and Alnylam will engage in a two-year joint validation program, utilizing in vitro and in vivo studies to confirm target viability. Alnylam will reimburse Tenaya for full-time employee costs and out-of-pocket expenses incurred during the validation phase.

This partnership expands Tenaya’s cardiovascular discovery platform and positions the company for potential disease-modifying therapy development, with Alnylam assuming subsequent development and commercialization responsibilities. Successful target identification could significantly boost Tenaya’s long-term valuation and attract further strategic alliances.