The Medicines Company (MDCO) and Alnylam (ALNY) announced that they have formed an exclusive global alliance for the development and commercialization of Alnylam's ALN-PCS RNAi therapeutic program for the treatment of hypercholesterolemia. Under this alliance, The Medicines Company and Alnylam intend to collaborate on the advancement of the ALN-PCS program. Alnylam will continue the program for an estimated one to two years to complete certain pre-clinical and Phase I clinical studies. The Medicines Company is responsible for leading and funding development from Phase II forward and commercializing the ALN-PCS program if successful. Under the terms of the agreement, The Medicines Company will make an upfront cash payment of $25M to Alnylam. Alnylam may also receive potential development and commercial milestone payments of up to $180M. Alnylam will be eligible to receive scaled double-digit royalties on global products sales of ALN-PCS products.