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Regulus Therapeutics Inc., founded by Alnylam Pharmaceuticals (ALNY - Analyst Report) and Isis Pharmaceuticals, Inc. (ISIS - Analyst Report), recently announced the pricing of its initial public offering. The company offered 11.3 million of its common stock at $4.00 per share.

In order to cover over allotments, the underwriters have been granted a 30-day option by Regulus to buy another 1.7 million shares at initial public offering price.

In August this year, Regulus announced the filing of a registration statement with the US Securities and Exchange Commission (SEC) regarding its proposed initial public offering of its shares.

In its filing with the SEC, Regulus indicated that Sanofi (SNY - Analyst Report), Isis Pharma and GlaxoSmithKline (GSK - Analyst Report) have shown an interest in buying Regulus’s common stock worth up to $10 million, $2 million and $2 million, respectively, at the initial public offering price. In a separate private placement, AstraZeneca (AZN - Analyst Report) agreed to buy $25.0 million worth of Regulus’s common stock at the initial public offering price.

In September 2007, Alnylam and Isis Pharma joined forces to establish Regulus, a company focused on microRNA (mRNA) therapeutics. In October 2010, Sanofi made an equity investment in the company. As of June 30, 2012, Regulus was jointly owned by Alnylam (45%), Isis Pharma (46%) and Sanofi (9%).

Regulus is evaluating microRNA therapeutics in several areas including oncology, fibrosis, hepatitis C virus infection, multiple sclerosis and atherosclerosis. The company has collaborated with several companies including Glaxo, Sanofi, AstraZeneca and Biogen Idec (BIIB - Analyst Report) for microRNA therapeutics.

Our Recommendation

Currently, we have a Neutral recommendation on both Isis Pharma and Alnylam. Both stocks carry a Zacks #3 Rank (short-term Hold rating).

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