TNYA Pulls Back After Hours Following Significant $1.13B Deal-Spurred Rally

• Under the deal, Tenaya Therapeutics will validate up to 15 gene targets and receive as much as $1.13 billion in development and commercial milestone payments from Alnylam.
• Alnylam will be responsible for all development and commercialization activities of therapeutics associated with the identified gene targets, the companies said.

Shares of Tenaya Therapeutics, Inc. (TNYA) pulled back after hours after a significant rally during the regular session on Thursday after the company said that it has entered into a research collaboration deal with Alnylam Pharmaceuticals (ALNY) to potentially develop drugs for cardiovascular disease.

TNYA shares pulled back 5% in extended hours of trading after closing up 41% in the regular session.

Deal For Heart Drugs

Under the deal, Tenaya Therapeutics will validate up to 15 gene targets and receive as much as $1.13 billion in development and commercial milestone payments from Alnylam if all the targets lead to approved therapies for cardiovascular disease. Tenaya will receive up to $10 million in the form of an upfront payment, the company said.

“By combining our modality agnostic target identification and validation capabilities with Alnylam’s leadership in RNA interference therapeutics, we have an opportunity to advance candidates for novel genetic targets with the potential to create transformational medicines for patients with heart disease,” Tenaya CEO Faraz Ali said.

Alnylam will be responsible for all development and commercialization activities of therapeutics associated with the identified gene targets, the companies said.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around TNYA stock rose from ‘bearish’ to ‘bullish’ over the past 24 hours, while message volume increased from ‘normal’ to ‘high’ levels.

A Stocktwits user said that they are awaiting positive data for Tenaya’s TN401 this year with “no curative competition.” TN-401 is a gene therapy for a heart condition called PKP2-associated arrhythmogenic right ventricular cardiomyopathy (ARVC).

Another said that the best part about the deal is that Tenaya will just be researching fifteen additional targets for future commercialisation while still owning all of its own drugs.

TNYA stock has gained 78% over the past 12 months. 

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