Thanks to a massive infusion of cash a year ago from neighboring Genzyme , Alnylam Pharmaceuticals already has more cash and other assets that can be easily converted into cash than any other biotech with no products on the market in the U.S. With a $450 million offering announced today, it will soon have about 50 percent more. Alnylam 's shares were down only slightly today - about 3 percent to $97.44 as of noon - after announcing the secondary stock offering, easily among the biggest in biotech in the past several years.