Document:

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                                                                   EXHIBIT 10.17

          CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE
         SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE OMISSIONS.

                                LICENSE AGREEMENT

This Licensing Agreement (the "Agreement") is made effective the 1st day of
March, 2002 (the "Effective Date"), by and between the Carnegie Institution of
Washington with offices at 1530 P Street, N.W., Washington, D.C. 2005-1910
(hereinafter "CARNEGIE") and RIBOPHARMA AG, a corporation organized and existing
under the laws of Germany and having a place of business at Bayreuth, Germany
(hereinafter "LICENSEE"). CARNEGIE and LICENSEE are hereinafter collectively
referred to as the "Parties".

WHEREAS CARNEGIE owns or controls certain intellectual property rights which
relate to genetic inhibition by double-stranded RNA molecules,

WHEREAS the intellectual property rights owned or controlled by CARNEGIE
(hereinafter "CARNEGIE's intellectual property") are useful in two different
areas (1) screening for gene activities and functions which may provide
information useful in the development of commercial products which do not
themselves actually incorporate any of CARNEGIE's intellectual property and (2)
the development of products which include CARNEGIE's intellectual property or
are made by methods including CARNEGIE's intellectual property; and

WHEREAS LICENSEE desires to obtain, and CARNEGIE is willing to grant,
non-exclusive access to CARNEGIE's intellectual property under the following
conditions:

NOW, THEREFORE, the Parties agree as follows:

Article 1         Definitions

1.1      "CARNEGIE Patent Rights" shall mean the patent applications listed in
Appendix A attached to this Agreement and made a part hereof, any U.S. or
foreign patents based thereon, and any divisionals, continuations,
continuations-in-part, reexaminations or reissues thereof as well as
certificates of addition and utility models, and any and all patents granted
thereon.

1.2      "Licensed Products" shall mean any and all products, the manufacture,
use, sale, offer for sale, or import of which, but for the licensed granted in
this Agreement, would infringe a claim of CARNEGIE Patent Rights.

1.3      "Licensed Methods" shall mean any and all methods, the use of which,
but for the licensed granted in this Agreement, would infringe a claim of
CARNEGIE Patent Rights.
<PAGE>

1.4      "Milestone Event" shall be (i) the issuance of the first U.S. patent
within CARNEGIE Patent Rights; (ii) the filing of an Investigational New Drug
Application with the U.S. Food and Drug Administration, or equivalent submission
to any other U.S. Government regulatory authority as required, for the first
Licensed Product sold within the United States; and (iii) first commercial sale
of a Licensed Product or Licensed Method within the U.S.

1.5      "Net Sales" shall mean the gross invoice amount as billed to third
parties by LICENSEE less [**] paid by LICENSEE for [**] all as determined by
LICENSEE'S standard accounting practices.

1.6      "Affiliate" shall mean any entity which controls LICENSEE or is
controlled by LICENSEE, or is under common control with LICENSEE, through
another entity.

1.7      "Field of Use" shall mean the use for internal research, screening,
development and discovery of products for human and non-human therapeutic and
diagnostic applications.

1.8      "CARNEGIE Improvements" means any modifications of a product or method
described or claimed in CARNEGIE Patent Rights, provided such modification, if
unlicensed, would infringe one or more valid, issued claims of a patent within
CARNEGIE Patent Rights.

Article 2         Grant of Rights

2.1      CARNEGIE grants to LICENSEE, a worldwide, non-exclusive license under
the CARNEGIE Patent Rights to practice the Licensed Method and to make, have
made, use and import Licensed Products for the Field of Use.

2.2      CARNEGIE grants to LICENSEE a worldwide, non-exclusive license under
the CARNEGIE Patent Rights to manufacture, use, sell and offer for sale Licensed
products subject to paragraph 3.4 herein.

2.3      LICENSEE shall have the right to extend the license herein granted to
any of its Affiliates upon written notification to CARNEGIE and the payment to
CARNEGIE of $[**] for each Affiliate so licensed. However, LICENSEE shall have
no right to sublicense others.

Article 3         Remuneration

3.1      In consideration of the grant of rights under Article 2, LICENSEE shall
pay CARNEGIE the sum of $[**] ([**] U.S. dollars) within [**] days following the
Effective Date of this Agreement.

3.2      Within [**] days following each anniversary of the Effective Date of
this Agreement, LICENSEE shall pay CARNEGIE the sum of $[**] ([**] U.S.
dollars). In the event that LICENSEE is required to pay to CARNEGIE royalties as
provided for in paragraph 3.4 herein, said sum

                                       2
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of $[**] shall be credited against such royalties paid to CARNEGIE under this
Agreement for the particular year involved.

3.3      Within [**] days following each Milestone Event, LICENSEE shall pay
CARNEGIE the sum of $[**] ([**] U.S. dollars).

3.4      LICENSEE and its licensed Affiliates shall pay royalties on the Net
Sales of Licensed Products in accordance with the following provisions:

                  i)       For each Licensed Product the exact royalty rate
                           shall be decided by separate negotiation between
                           LICENSEE (or its designated Affiliate) and CARNEGIE.
                           The exact royalty rate shall [**] and shall take into
                           account [**] payable for each Licensed Product.

                  ii)      A royalty shall only be payable if LICENSEE or its
                           Affiliates' commercial sale of the Licensed Product
                           or method for making or using the Licensed Product is
                           covered by a claim in either an issued, valid,
                           enforceable, unexpired patent or a pending
                           application included in CARNEGIE Patent Rights and in
                           those territories of the world where such claim
                           exists.

Article 4         Most Favored Licensee

4.1      CARNEGIE agrees that it will not grant a license under the CARNEGIE
Patent Rights to any third party on terms that are more favorable than those
hereby granted to LICENSEE without giving to LICENSEE the benefit thereof as of
the date upon which any such more favorable license shall become effective, it
being understood that LICENSEE must be able and willing to accept all other
material license terms with such third party.

Article 5         CARNEGIE Patent Rights

5.1 CARNEGIE agrees, at its own expense, to prosecute, enforce and maintain any
patents with respect to CARNEGIE Patent Rights. CARNEGIE shall provide written
notice to LICENSEE of the issuance of any patent within CARNEGIE Patent Rights
or the filing of any application with CARNEGIE Patent Rights together with a
copy thereof, within ten (10) days of any such issuance or filing.

Article 6         CARNEGIE Improvements

6.1      CARNEGIE hereby agrees that it shall provide written notice to LICENSEE
of any CARNEGIE Improvements by sending LICENSEE a copy of the U.S. Patent
Application claiming an invention constituting the CARNEGIE Improvements within
thirty (30) days of the filing of such application. LICENSEE shall keep all such
applications confidential using reasonable procedures at least as stringent as
LICENSEE uses to protect the confidentiality of its own similar information.

                                       3
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 6.2      CARNEGIE hereby grants LICENSEE an option to obtain a non-exclusive
license under any CARNEGIE Improvements disclosed in accordance with paragraph
6.1 herein. Such option shall terminate, with respect to the disclosed CARNEGIE
Improvement, [**] after CARNEGIE has provided written notification to LICENSEE.
LICENSEE may exercise its option granted hereunder by providing written notice
to CARNEGIE that LICENSEE is exercising its option. Upon LICENSEE's exercise of
such option, the parties shall enter into good faith negotiations and establish
within [**] a license fee for the disclosed CARNEGIE Improvement. In the event
the parties cannot establish a license fee within the [**] negotiation period,
the option granted hereunder shall terminate unless expressly extended in
writing by the parties. Upon payment by LICENSEE of the negotiated license fee,
the disclosed CARNEGIE Improvement shall be added to CARNEGIE Patent Rights and
this Agreement and/or Appendix A modified accordingly.

6.3      If LICENSEE fails to exercise its option as provided in this Section
with respect to any disclosed CARNEGIE Improvement or if the parties cannot
establish a license fee within the [**] negotiation period or any extension
thereof, CARNEGIE shall have no further obligation to LICENSEE with respect to
that disclosed CARNEGIE Improvement.

Article 7         Confidentiality

7.1      The Parties acknowledge and agree that it may be necessary during the
term hereof to exchange confidential and proprietary information. Each Party
agrees to designate any and all confidential and proprietary information as such
in writing. Each Party further agrees that, during the term hereof and
thereafter, it shall keep confidential and refrain from disclosing to any third
party or using for its own account, any such confidential or proprietary
information of the other Party. LICENSEE shall, however, be entitled to share
confidential and proprietary information with Affiliates provided they be bound
by the terms and conditions of this Article 7. The Parties agree that the
foregoing provisions shall not apply with respect to any information that (i) is
(through no improper action or inaction by the other Party) generally known to
the public, (ii) was in the Party's possession or known by it prior to receipt
from the other Party, (iii) was rightfully disclosed to the Party by a third
party without restriction, or (iv) was developed by an employee of either Party
or its Affiliates in the case of LICENSEE who did not have access to the
confidential and proprietary information of the other Party. Each Party may make
disclosures required by court order provided it uses diligent effort to limit
disclosures and to obtain confidential treatment or a protective order and has
allowed the other Party the opportunity to participate in the proceeding.
Notwithstanding the foregoing, LICENSEE shall have the right to disclose
confidential and proprietary information (i) to the extent required by law, (ii)
as necessary in the course of seeking or enforcing patent rights, obtaining
approval to manufacture or market products or methods, or (iii) as reasonably
required in the course of any financing arrangement, merger, acquisition,
consolidation or the like.

7.2      Neither Party shall use the name of the other Party, or of any employee
of the other Party, in any publicity, advertising, or news release without prior
written approval of the other Party.

                                       4
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7.3      Each Party agrees not to disclose to any third party, except to its
Affiliates, or, in the case of LICENSEE, in the course of a merger, acquisition,
consolidation or the like, the content of this Agreement.

Article 8         Term and Termination

8.1      The term of this Agreement shall commence on the Effective Date and
shall continue in full force and effect until the last to expire of any patents
within CARNEGIE Patent Rights or unless otherwise terminated in accordance with
this Article 8.

8.2      Each Party shall be entitled to terminate this Agreement with immediate
effect and without further obligation to the other Party, by written notice to
the other Party, if:

         (i)      The other Party becomes bankrupt or insolvent, or

         (ii)     The other Party commits a material breach of any substantial
                  obligation under this Agreement and fills within sixty (60)
                  days of notice of such breach to remedy the same if capable of
                  remedy or if incapable of remedy to pay adequate compensation
                  therefor.

8.3      Notwithstanding Section 8.2, LICENSEE shall be entitled to terminate
this Agreement at any time and for any reason upon 30 days written notice to
CARNEGIE and with no further obligation to CARNEGIE except as provided in
Section 8.4. If LICENSEE terminates this Agreement within thirty (30) days
following notice by CARNEGIE indicating the issuance of the first U.S. patent,
LICENSEE need not pay for this milestone event as provided under Articles 1.4
and 3.3.

8.4      Termination of this Agreement for any reason shall not affect the
rights and obligations of the Parties accrued prior to the date of termination
of the Agreement. In particular:

         (i)      The rights and obligations of the Parties with respect to
                  Licensed Products shall survive termination of the Agreement,
                  provided such Licensed Products were developed or
                  substantially developed prior to the date of termination.

         (ii)     The rights and obligations of the Parties under Article 7
                  shall survive termination of this Agreement for a period of
                  two (2) years following termination.

8.5 The parties agree to confer on a biannual basis, as of the effective date of
this Agreement, to review the terms of this Agreement, in the context of the
technical and commercial situation as it then exists to determine if equitable
adjustments should be made in the existing license arrangements.

Article 9         Warranties

                                       5
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9.1      CARNEGIE warrants and represents that CARNEGIE and the University of
Massachusetts (hereinafter "UMass") are the joint and exclusive owners of
CARNEGIE Patent Rights, and that by virtue of an agreement with UMass, CARNEGIE
is fully entitled to enter into this Agreement and to grant the license provided
hereunder. In particular, CARNEGIE warrants and represents that it has no
conflict of any kind with UMass, the University of Massachusetts Cancer Center
or any other employer of the inventor(s) of CARNEGIE Patent Rights which may
restrict it from entering into this Agreement or fulfilling the obligations
hereunder.

9.2      CARNEGIE further warrants and represents that it has not granted, and
agrees that it shall not grant licenses to any person or entity which would be
inconsistent with the licenses granted hereunder.

Article 10        Arbitration

10.1     Any controversy or dispute arising out of or in connection with this
Agreement, its interpretation or performance which the Parties are unable to
resolve within 120 days after written notice by one Party to the other of the
existence of such controversy or dispute, may be submitted to arbitration by
either Party, and if so submitted by either Party, shall finally be settled by
arbitration conducted in Washington, D.C. in accordance with the rules of
arbitration of the American Arbitration Association in effect on the Effective
Date of this Agreement. Each Party shall bear its own expenses and the costs for
arbitration shall be borne equally by the Parties. The member(s) of the
arbitration panel shall be familiar with biotechnology.

Article 11        Governing Law

11.1     The rights and obligations the Parties under this Agreement shall be
governed by the laws of the District of Columbia.

Article 12        Severability

12.1     In the event that a court of competent jurisdiction holds any provision
of this Agreement to be invalid or illegal, such holding shall have no effect on
the remaining provisions of this Agreement, and they shall continue in full
force and effect. If the validity or legality of any provision of this Agreement
is brought into question, either Party may, by written notice to the other
Party, revise or delete the provision in question so as to comply with the
decision of said court.

Article 13        Entire Agreement; Amendments

13.1     This Agreement contains the entire agreement between the Parties. No
amendments or modifications to this Agreement shall be effective unless made in
writing and signed by authorized representatives of both Parties.

Article 14        Assignability

                                       6
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14.1     LICENSEE shall be entitled to assign all rights and obligations under
this Agreement to any of its Affiliates or successors in title without the prior
consent of CARNEGIE. If such assignment is effected, LICENSEE shall provide
written notification to CARNEGIE thereof in accordance with Article 18.

Article 15        Indemnification

15.1     Indemnity. LICENSEE shall indemnify, defend, and hold harmless CARNEGIE
and UMass and their trustees, officers, employees and agents and their
respective successors, heirs and assigns (the "Indemnities"), against any
liability, damage, loss, or expense (including reasonable attorneys fees and
expenses of litigation) incurred by or imposed upon any of the Indemnities in
connection with any claims, suits, actions, demands or judgments arising out of
any theory of liability (including without limitation actions in the form of
tort, warranty, or strict liability and regardless of whether such action has
any factual basis) concerning any product, process, or service that is made,
used, or sold pursuant to the exercise by LICENSEE or its Affiliates of any
right or license granted under this Agreement; provided, however, that such
indemnification shall not apply to any liability, damage, loss, or expense to
the extent directly attributable to (i) the negligent activities or intentional
misconduct of the Indemnitees; (ii) the settlement of a claim, suit, action, or
demand by Indemnitees without the prior written approval of LICENSEE; or (iii)
any activities of CARNEGIE's other licensees.

15.2     Procedures. The Indemnitees agree to provide LICENSEE with prompt
written notice within twenty (20) days of any claim, suit, action, demand, or
judgment for which indemnification is sought under this Agreement. LICENSEE
agrees, at its own expense, to provide attorneys reasonably acceptable to
CARNEGIE to defend against any such claim. In the event that CARNEGIE has
rejected LICENSEE'S choice of counsels three (3) consecutive times, then
LICENSEE, in its sole decision, shall select counsel acceptable to LICENSEE. The
Indemnitees shall cooperate fully with LICENSEE in such defense and will permit
LICENSEE to conduct and control such defense and the disposition of such claim,
suit, or action (including all decisions relative to litigation, appeal, and
settlement); provided, however, that any Indemnitee shall have the right to
retain its own counsel, at the expense of LICENSEE, if representation of such
Indemnitee by the counsel retained by LICENSEE would be inappropriate because of
actual or potential differences in the interests of such Indemnitee and any
other party represented by such counsel. LICENSEE agrees to keep CARNEGIE
informed of the progress in the defense and disposition of such claim and to
consult with CARNEGIE with regard to any proposed settlement.

15.3     Insurance. LICENSEE shall maintain insurance or self-insurance that is
reasonably adequate to fulfill any potential obligation to the Indemnitees, but
in any event not less than three million dollars ($3,000,000) for injuries to
any one person arising out of a single occurrence and five million dollars
($5,000,000) for injuries to all persons arising out of a single occurrence.
When commercially selling Licensed Products, LICENSEE shall provide CARNEGIE,
upon request, with written evidence of such insurance or self-insurance.
LICENSEE shall continue to maintain such insurance or self-insurance after the
expiration or termination of this Agreement

                                       7
<PAGE>

during any period in which LICENSEE or any Affiliate continues (i) to make, use,
or sell a product that was a Licensed Product under this Agreement or (ii) to
perform a method that was a Licensed Method under this Agreement, and thereafter
for a period of five (5) years.

Article 16        Marking of Licensed Product

16.1     To the extent commercially feasible and consistent with prevailing
business practices, LICENSEE shall mark, and shall cause its Affiliates to mark,
all Licensed Products in accordance with applicable patent-making laws.

Article 17        Compliance with Law

17.1     LICENSEE shall comply with, and shall ensure that its Affiliates comply
with, all local, state, federal, and international laws and regulations relating
to the development, manufacture, use, and sale of Licensed Products. LICENSEE
expressly agrees to comply with the following:

         (i)      LICENSEE or its Affiliates shall obtain all necessary
                  approvals from U.S. regulatory authorities and any similar
                  governmental authorities of any foreign jurisdiction in which
                  LICENSEE or an Affiliate intends to make, use, or sell
                  Licensed Products.

         (ii)     LICENSEE and its Affiliates shall comply with all United
                  States laws and regulations controlling the export of
                  commodities and technical data, including without limitation
                  all Export Administration Regulations of the United States
                  Department of Commerce. Among other things, these laws and
                  regulations prohibit, or require a license for, the export of
                  certain types of commodities and technical data to specified
                  countries. LICENSEE hereby gives written assurance that it
                  will comply with, and will cause its Affiliates to comply
                  with, all United States export control laws and regulations,
                  that it bears sole responsibility for any violation of such
                  laws and regulations by itself or its Affiliates, and that it
                  will indemnify, defend, and hold CARNEGIE harmless (in
                  accordance with Article 15) for the consequences of any such
                  violation.

Article 18        Notices

18.1     Any notices given or payments required under this Agreement shall be in
writing and shall be deemed delivered (a) on the date of delivery if delivered
in person, by confirmed telefax or overnight courier or (b) five (5) days after
mailing if sent by registered mail (return receipt requested), addressed to the
Parties as follows (or at such addresses as the Parties may notify each other of
in writing):

                                       8
<PAGE>

If for CARNEGIE:           Director of Administration and Finance
                           Carnegie Institution of Washington
                           1530 P Street, N.W.
                           Washington, D.C. 20005-1910

                           Telephone: (202) 939-1118
                           Facsimile (202) 387-8092

If for LICENSEE:           Chief Executive Officer
                           Ribopharma AG
                           Universitotstrasse 30
                           95447 Bayreuth, Germany

                           Telephone:
                           Facsimile:

IN WITNESS WHEREOF, CARNEGIE and LICENSEE have executed this Agreement by their
duly authorized officers or representatives, effective on the date first above
written.

For CARNEGIE INSTITUTION OF WASHINGTON.

By:   /s/ John J. Lively                                   Date: March 1, 2002
    --------------------------------------------
    Director of Administration and Finance
    Authorized Signatory
    Carnegie Institution of Washington

For: RIBOPHARMA AG

By:   /s/ illegible                                        Date: March 12, 2002
    --------------------------------------------
    Ribopharma AG
    Fritz-Hornmschuch-StraBe 9
    95326 Kulmbach

                                       9
<PAGE>

                                   APPENDIX A

CARNEGIE Patent Rights include, but are not limited to, the following patents
and patent applications:

(1) Provisional U.S. Patent Application [**]Title: [**]Inventors: [**]  [**]

         [**]U.S. Patent Application Serial No. [**]PCT Application No. [**]

<PAGE>

                                      CHART

                                    Illegible

<PAGE>

                                      CHART

                                    Illegible

<PAGE>

                              CARNEGIE INSTITUTION
                            New Horizons for Science

                                September 2, 2003

Chief Executive Officer
Ribopharma AG
Headquarters
Fritz-Hornschuch - Str. 9
95326 Kulmbach
Germany

Dear Sir:

         I understand from our patent attorney Paul Kokulis that he has been
discussing with your counsel, Richard Smith, some possible amendments to the
agreement dated March 1, 2002 between Ribopharma and the Carnegie Institution of
Washington.

         The purpose of the present letter is to confirm our mutual agreement to
the following amendments to the agreement:

Article 4.1, line 2, after "Patent Rights", insert "or any CARNEGIE
Improvements".

Article 8.4 is amended to read"

                           8.4 Termination of this Agreement for any reason
                           shall not affect the rights and obligations of the
                           Parties accrued prior to the date of termination of
                           the Agreement.

         If you agree that the foregoing accurately reflects our understanding,
please sign a copy of this letter as indicated below and return to me at
Carnegie. I believe this is appropriate pursuant to Article 13 of our earlier
agreement.

         Please let me know if there are any questions.

         Kind regards.

                                         Sincerely,

                                         /s/ John J. Lively

                                         John J. Lively
                                         Director of Administration and Finance

Amendments Accepted
for Ribopharma AG

By: /s/ Stefan Limmer   /s/ Kreutzer
   ---------------------------------
Date:  10 September, 2003
     -------------------------------
<PAGE>

[Letterhead of Alnylam Pharma]

                                                  790 MEMORIAL DRIVE ~ SUITE 202
                                                             CAMBRIDGE, MA 02139
                                                        TELEPHONE ~ 617-252-0700
                                                              FAX ~ 617-577-7125

                                October 28, 2003

Mr. John Lively
Director of Administration and Finance
Carnegie Institution of Washington
1530 P Street, N.W.
Washington, D.C. 20005-1910

                  Re:      License Agreement between Carnegie Institution of
                           Washington and Ribopharma AG

Dear Mr. Lively:

         In accordance with Section 2.3 of the above-referenced agreement
("Agreement"), Ribopharma AG is extending the license granted in the Agreement
to its Affiliate, Alnylam Pharmaceuticals, Inc. ("Alnylam"), effective November
28, 2003. Accordingly, enclosed herewith is a payment of US $[**] to cover the
licensing of such Affiliate in accordance with Section 2.3.

         The parties agree that if Alnylam ceases to be an Affiliate of
Ribopharma AG, Carnegie Institution of Washington ("CARNEGIE") shall, at
Alnylam's request, enter into a direct agreement with Alnylam to license
CARNEGIE Patent Rights, as defined in the Agreement, under the same terms as
those granted to Ribopharma AG in the Agreement, with the understanding that the
upfront fee set forth in Section 3.1 and the payment for the first Milestone
Event set forth in Section 3.3 shall not be required to be paid.

         In all other respects, the Agreement shall remain in full force and
effect, unless further amended by written agreement.

         If you are in agreement with the foregoing, please sign one original of
this letter and return it to me.

                                             Sincerely,

                                             /s/ John Conley
                                             ----------------------
                                             Alnylam Pharmaceuticals, Inc.
                                             Title: CFO
                                             Date: 10/28/03

Acknowledged and Agreed:
Carnegie Institution of Washington

By: /s/ John J. Lively
    --------------------------------
Date: 10-30-03<PAGE>

                                                                   EXHIBIT 10.18

          CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE
         SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE OMISSIONS.

                                LICENSE AGREEMENT

         This License Agreement (this "Agreement"), is effective December 30,
2003 (the "Effective Date"), by and between Cold Spring Harbor Laboratory, a
not-for-profit research institution located at 1 Bungtown Road, Cold Spring
Harbor, New York ("CSHL"), and Alnylam Pharmaceuticals, Inc., a Delaware
corporation having a principal place of business at 790 Memorial Drive,
Cambridge, MA 02139 ("Alnylam").

         WHEREAS, CSHL has certain RNAi-related technologies developed in the
laboratory of Dr. Greg Hannon at Cold Spring Harbor Laboratory as taught in the
patent applications listed in Schedule A;

         WHEREAS, Alnylam further desires to obtain rights to the aforementioned
RNAi-related technologies for the consideration set forth herein; and

         WHEREAS, CSHL is willing to grant to Alnylam a non-exclusive license to
research and use know-how and inventions to make, use, import and sell
therapeutic products, which in each case may be covered by claims in the patent
applications listed in Exhibit A on the terms and conditions set forth below;

         THEREFORE, the parties agree as follows:

1.       DEFINITIONS

         1.1      "Affiliate" shall mean a corporation, company, partnership,
joint venture or other entity which directly or indirectly controls, is
controlled by or under common control with Alnylam. For the purposes of this
Section 1.1 only, "control" shall mean (A) the direct or indirect ownership or
control of fifty percent (50%) or more of (i) the stock (or other securities or
voting rights) having the right to vote for directors or other governing
authority thereof or (ii) ownership interest or (B) the ability to otherwise
control the management thereof or (C) in any country where the local law shall
not permit foreign equity participation of fifty percent (50%) or more, then the
direct or indirect ownership or control of the maximum percentage of such
outstanding stock or voting rights permitted by local law.

         1.2      "Alnylam Confidential Information" or "Confidential
Information" of Alnylam shall mean all non-public information disclosed by
Alnylam to CSHL. Notwithstanding the foregoing, only the information, which is
designated as confidential in writing by Alnylam, whether by letter or by the
use of an appropriate stamp or legend, prior to or at the time any such

<PAGE>

information is disclosed by Alnylam to CSHL shall be considered Alnylam
Confidential Information. Information which is orally, visually or physically
disclosed by Alnylam shall constitute Alnylam Confidential Information only if
Alnylam indicated at the time of such disclosure that such information was
confidential and, within thirty (30) days after such disclosure, delivers to
CSHL a written document or documents describing such information and referencing
the place and date of such oral, visual or physical disclosure and the names of
the persons to whom such disclosure was made.

         1.3      "Commercial Introduction" of Licensed Product(s) means, on a
country-by-country and Licensed Product-by-Licensed Product basis, the date of
first commercial sale of a Licensed Product by Alnylam or its Affiliates in an
arms'-length transaction to an independent third party in such country after
obtaining all necessary Regulatory Approvals; provided that such Licensed
Product(s) are neither units provided for evaluation purposes nor free units for
indigent persons.

         1.4      "Contractor" means a third party corporation, person, or
entity under written agreement with Alnylam ("Contract") (i) who, for
non-royalty based payment(s), undertakes on the behalf of Alnylam to make, use,
and/or import, products or processes embodying or made in accordance with the
Licensed Patents (collectively, "Contract Work"), and (ii) which party shall
not, after termination of the Contract, receive subsequent CSHL rights to CSHL
intellectual property under this Agreement and (iii) from whom Alnylam receives
no payments for entering such Contract (iv) and from whom Alnylam receives full
ownership and/or exclusive license to all results obtained from the Contract
Work.

         1.5      "Control" or "Controlled" means possession of the ability to
grant access to or a license or sublicense as provided for herein without
violating the terms of any agreement or other arrangement with any third party.

         1.6      "CSHL Confidential Information" or "Confidential Information"
of CSHL means (a) non-public documents and information relating to the filing
and prosecution of Licensed Patents provided to Alnylam during the term of this
Agreement at Alnylam's written request; and (b) CSHL Know-How provided to
Alnylam. Notwithstanding the foregoing, only such documents, information,
reports, and CSHL Know-How which are designated as confidential in writing by
CSHL, whether by letter or by the use of an appropriate stamp or legend, prior
to or at the time any such documents, information or reports are disclosed by
CSHL to Alnylam shall be considered CSHL Confidential Information. The
information, reports, or CSHL Know-How described above which are orally,
visually or physically disclosed by CSHL shall constitute CSHL Confidential
Information only if CSHL indicated at the time of such disclosure that such
information, reports, or CSHL Know-How were confidential and, within thirty (30)
days after such disclosure, delivers to Alnylam a written document or documents
describing such information, reports, or CSHL Know-How and referencing the place
and date of such oral, visual or physical disclosure and the names of the
persons to whom such disclosure was made. No other information disclosed by CSHL
to Alnylam hereunder shall be considered Confidential Information of CSHL,
unless the parties specifically and expressly agree otherwise in a separate
writing signed by the authorized representatives of both parties.

                                      -2-
<PAGE>

         1.7      "CSHL Know-How" means all non-public information, and all
non-public materials, ideas, and technical information, developed by or for the
Principal Investigator and owned or Controlled by CSHL and necessary to practice
the Licensed Patents. CSHL Know-How shall not include anything that is generally
ascertainable from publicly available information or that was, as evidenced by
Alnylam's written record, (i) known to Alnylam prior to disclosure to Alnylam by
CSHL, as evidenced by Alnylam's written record or, (ii) which Alnylam develops
independently or obtains not in violation of any obligation of confidentiality
owed to CSHL.

         1.8      "FDA" shall mean the United States Food and Drug
Administration and any successor agency or authority thereto.

         1.9      "FDA Approval" means the act of the FDA necessary for the
marketing and sale of a Product in the United States.

         1.10     "Field of Use" means all therapeutic uses in humans, including
without limitation the diagnosis, prevention and treatment of diseases or
conditions and all other healthcare applications. Field of Use shall not include
research reagent sales.

         1.11     "Gross Sales" of a Licensed Product means, on a Licensed
Product-by Licensed Product basis, for purposes of the calculation of royalties,
the gross amount invoiced for independent arm's length sales of a Licensed
Product by Alnylam or its third party sublicensees to independent third parties,
on a worldwide basis. If a product is sold for use in a single vial or other
single dispensation vehicle in combination with other active ingredient(s),
notwithstanding the foregoing, "Gross Sales" shall mean Adjusted Gross Sales.
"Adjusted Gross Sales" shall mean the gross invoiced sales price from such sales
multiplied by the fraction B/(A+B), where A is the gross invoiced sales price
for the amount of the other active ingredient(s) used in the combination when
distributed separately and B is the gross invoiced sales price for the amount of
the Licensed Product used in the combination when distributed separately.

         1.12     "Licensed Patents" means the U.S. Patent Applications listed
in Schedule A and any divisions, continuations, reissues, reexamines, extensions
and continuations-in-part applications thereof and any patents issuing thereto;
and any and all foreign patents, foreign applications, extensions and
supplemental protection certificates or patent applications corresponding
thereto having the Principal Investigator as an inventor and claiming the same
priority date as a parent application.

         1.13     "Licensed Product" means any product, including but not
limited to any lyophilized liquid, sustained release or aerosolized formulation
or other formulation, or process for which Alnylam, or its Affiliate has
received FDA Approval and/or Regulatory Approval, which is made through the use
of CSHL Know-How or falls within the scope of a Valid Claim of a Licensed
Patent.

         1.14     "Net Sales" of a Licensed Product, means the Gross Sales of
such Licensed Product less applicable Sales Returns and Allowances for such
Licensed Product, on a worldwide basis. Bona fide sample units, free units for
indigent persons, and pre-clinical,

                                      -3-
<PAGE>

clinical (including any placebo materials), or market-focused trial units of
Licensed Product will not be included in any calculations of Net Sales.

         1.15     "Regulatory Approval" means the approval, license,
registration or other authorization of the relevant Regulatory Authority
received by Alnylam or its Affiliates necessary for the commercial sale of a
Licensed Product.

         1.16     "Regulatory Authority" means any regulatory authority,
comparable to the FDA, which is responsible for the approval and regulation of a
Licensed Product within a country, or if applicable a centralized regulatory
authority with jurisdiction over multiple countries, and any successor
regulatory authority or authorities. The term "Regulatory Authority" includes,
but is not limited to, the FDA.

         1.17     "Sales Returns and Allowances" means, for purposes of the
calculation of royalties due for Licensed Products, the sum of (a) and (b),
where: (a) is a provision, determined by Alnylam under U.S. GAAP or IAS as
applicable for sales of such products for (i) [**] on such products (including
but not limited to [**]), other than [**] at the time of invoicing and which are
included in the determination of Gross Sales, (ii) [**], such previously sold
products or for [**] (including [**]), (iii) [**] (including any [**] charge
other than an income tax) levied on or measured by [**] for such products, as
adjusted for [**], (iv) charges for [**] such products, to the extent included
in Gross Sales, (v) [**] given or made for [**], and (vi) other [**] for such
products; and (b) is a periodic adjustment of the provision determined in (a) to
reflect amounts actually incurred by Alnylam and/or its Affiliates for items
(i), (ii), (iii), (iv), (v), and (vi) in clause (a).

         1.18     "Valid Claim" means an issued claim of an unexpired patent or
a claim of a pending patent, which shall not have been withdrawn, canceled or
disclaimed, or held invalid or unenforceable by a court of competent
jurisdiction in an unappealed or unappealable decision.

2.       GRANT OF LICENSE

         2.1      License Grant to Alnylam. CSHL hereby grants to Alnylam and
its Affiliates a worldwide, non-exclusive license, under CSHL Know-How and
Licensed Patents (i) for all internal research and development purposes,
including without limitation, the right to make, use and import CSHL Know How
and inventions claimed in the Licensed Patents and (ii) to develop, make, use,
market, sell, offer for sale, export and import, in the Field of Use, Licensed
Products, including without limitation those covered by Valid Claims in the
Licensed Patents.

         2.2      Government Rights. The licenses granted in Sections 2.1 is
subject to the rights of the United States Government as set forth in 35 U.S.C.
Section 200 et seq. If there is any conflict between any rights and the rights
granted herein, such Government rights shall prevail.

         2.3      Sublicenses to Contractors. Alnylam may grant sublicenses to
Contractors to the extent necessary for such Contractor to perform its
obligations with respect to Contract Work only, provided however, that all
rights under Section 2.1 herein sublicensed to Contractors terminate concurrent
with termination of the corresponding Contract. The sublicenses granted by
Alnylam under this Agreement shall be subject to such third party sublicensees
entering into written agreement with Alnylam that are no less protective of
CSHL's rights than the terms of

                                      -4-
<PAGE>

this Agreement. All sublicenses granted under this Section 2.3 will have
appended to them and separately signed the terms in Schedule B. In no event
shall Alnylam sublicensees have the right to any grant further sublicenses to
CSHL rights licensed under this Agreement without the prior written consent of
CSHL. At CSHL's request, Alnylam shall provide to CSHL notice that Alnylam has
granted each such sublicense. All of such information provided by Alnylam to
CSHL shall be deemed to be Alnylam Confidential Information

         2.4      Right to Negotiate for Licenses to Third Party Collaborators.
The parties acknowledge that Alnylam has or may enter into collaborations with
third parties ("Collaborator(s)") in various areas. Upon Alnylam's written
documented request, CSHL agrees, to the extent that it is legally able, to
promptly enter into negotiations in good faith with one or more such existing or
potential Collaborators, not to exceed [**] Collaborators, for a license under
Licensed Patents. Notwithstanding anything to the contrary in this Section 2.4,
if for any reason whatsoever or for no reason, CSHL and such Collaborator do not
conclude negotiations for such license within a period of [**] immediately
following Alnylam's request to begin negotiations for such license, CSHL shall
have no further obligations to Alnylam or such Collaborator with regard to any
such license.

3.       PAYMENTS

         3.1      Upfront License Fee. As partial consideration for the license
granted in this Agreement, Alnylam shall pay CSHL a one-time non-refundable
upfront license fee of [**] U.S. Dollars ($[**] USD). Such fee shall be due
within thirty (30) days of the full execution of this Agreement. The upfront
license fee will not be creditable against any milestone or royalty due under
this Agreement.

         3.2      License Maintenance Fee. Alnylam shall pay CSHL an annual
license maintenance fee of [**] U.S. Dollars ($[**] USD) due within thirty (30)
days of the first anniversary of the Effective Date of the Agreement and within
thirty (30) days of each anniversary thereafter.

         3.3      Milestone Payments. Alnylam shall pay CSHL a milestone payment
of [**]U.S. Dollars ($[**] USD) upon FDA Approval for Commercial Introduction of
the first Licensed Product that would infringe a Valid Claim of a Licensed
Patent in the United States in the absence of the license granted in this
Agreement;

         3.4      Earned Royalties. Alnylam shall pay CSHL a [**] Percent
([**]%) royalty on Net Sales of Licensed Products for which the development,
making, use, marketing, selling, offering for sale, exporting or importing would
infringe a Valid Claim under Licensed Patents in the absence of the license
granted in this Agreement. Such royalty shall be payable on a Licensed
Product-by-Licensed Product, and country-by-country basis beginning with the
Commercial Introduction of a Licensed Product in a country and ending upon the
expiration date of the last to expire in such country of the Licensed Patents
referenced in the first sentence of this Section 3.4.

         3.5      Royalty Payment Terms.

                                      -5-
<PAGE>

                  (a)      The obligation to pay royalties under Section 3.4 of
this Agreement shall be imposed only once with respect to the same unit of
Licensed Product, regardless of the number of patents within Licensed Patents
pertaining thereto. Net Sales referred to in Section 3.4 of this Agreement will
be calculated on a calendar quarter basis. In the event that Alnylam, or its
Affiliates makes any adjustments to Sales Returns and Allowances after the
associated Net Sales have been reported pursuant to this Agreement, the
adjustments shall be reported by Alnlyam and reconciled with the next report and
payment of any royalties due. For purposes of determining when a sale of any
Licensed Product occurs under this Agreement, the sale shall be deemed to occur
on the date shipment of such Licensed Product is recognizable as revenue by
Alnylam under U.S. GAAP. After the date of Commercial Introduction of each
Licensed Product, all royalty payments for such Licensed Product shall be made
within sixty (60) days after the end of each calendar quarter in which such
sales were deemed to occur. All payments hereunder shall be made free and clear
of any taxes, duties, levies, fees or charges, except for withholding taxes (to
the extent required). All payments hereunder due to CSHL shall be made in U.S.
Dollars by bank wire transfer to: JPMorgan Chase Bank, 350 Main Street
Huntington, NY 11743 (Federal ABA#: 021-000-021, Account #: [**]).
Notwithstanding the foregoing, CSHL may modify such bank wire transfer
information upon providing prior written notice to Alnylam.

                  (b)      For the purpose of calculating royalty payments to
CSHL, Net Sales in each country shall be first determined in the currency of the
country in which they are earned and shall be converted quarterly into an amount
in U.S. Dollars at the closing of the average of the bid and ask prices reported
by Reuters Ltd. (or, if not available, the Wall Street Journal, East Coast
Edition) on the last business day in such quarter for which such payment is due.
If by law, regulations or fiscal policy of a particular country, remittance of
royalties in U.S. Dollars is restricted or forbidden, written notice thereof
will promptly be given to CSHL, and payment of the royalty shall be made by the
deposit thereof in local currency to the credit of CSHL in a recognized banking
institution in such country selected by Alnylam and reasonably acceptable to
CSHL. When, in any country, the law or regulations prohibit both the transmittal
and deposit of royalties on sales in such country, royalty payments shall be
suspended for as long as such prohibition is in effect and as soon as such
prohibition ceases to be in effect, all royalties that Alnylam would have been
under an obligation to transmit or deposit but for the prohibition shall
forthwith be deposited or transmitted to the extent allowable. In the event that
CSHL cannot arrange to have the blocked currency transferred out of the foreign
country within (12) months after deposit, CSHL may notify Alnylam in writing of
such event and return such blocked deposited currency to Alnylam in such
country, and Alnylam shall cause such royalties to be paid to CSHL in United
States Dollars to the bank account listed in Section 3.5 (a) at the exchange
rate quoted by Reuters, LTD. on the day the blocked currency was deposited in
the bank designated by CSHL within thirty (30) days of such notification and
return.

                  (c)      Taxes. CSHL will be responsible for any and all taxes
levied on account of amounts received under this Agreement. If Alnylam or its
Affiliates are required by law, rule or regulation to withhold taxes from the
types of payment due CSHL hereunder, the parties shall (a) deduct those taxes
from the amount otherwise remittable to CSHL hereunder, (b) pay such taxes to
the proper taxing authority, and (c) send evidence of the obligation together
with proof of payment to CSHL within fifteen (15) business days following that
payment.

                                      -6-
<PAGE>

                  (d)      Records and Bookkeeping. Alnylam and its Affiliates
shall keep books and records accurately showing all Licensed Products that
Alnylam and its Affiliates manufactured, used, and/or sold. Such books and
records must be preserved for at least three (3) years from the date of the
royalty payment to which they pertain and shall be open to inspection by an
independent public accountant selected by CSHL and reasonably acceptable to
Alnylam and its Affiliates during normal business hours, upon at least ten (10)
business days' prior notice and not more than once in each calendar year. The
parties agree that all information subject to review under this Section 3.5.1
(d) is Confidential Information of Alnylam and its Affiliates and that CSHL
shall cause the independent public accountant to execute a confidentiality
agreement reasonably acceptable to Alnylam and its Affiliates with respect to
the confidentiality and nonuse of such information; provided that the public
accountant performing the audit pursuant to this Section 3.5.1 may disclose to
CSHL the amount of any overpayment or underpayment.

The fees and expenses of CSHL's independent public accountant performing an
examination shall be borne by CSHL. However, if an error in royalties of more
than seven percent (7%) of the total royalties due for any year is discovered,
then the fees and expenses of the independent public accountant shall be borne
by Alnylam.

                  (e)      Interest. All amounts that are not paid by Alnylarn
or its Affiliates when due under the Agreement will accrue interest at a rate of
the annual prime rate of interest as published in the Federal Reserve Bulletin
H. 15 or successor bulletin thereto, plus an additional 1%.

4.       PATENT PROSECUTION

CSHL shall be solely responsible, at its sole discretion and expense, for the
prosecution, defense, and maintenance of Licensed Patents, and for enforcing
Licensed Patents against actual or suspected third party infringers. CSHL will
provide reasonable advance notice to Alnylam of any decision to abandon or
discontinue the prosecution of Licensed Patents in any country.

5.       REPRESENTATIONS AND WARRANTIES, INDEMNIFICATION, DISCLAIMERS AND
         LIMITATION OF LIABILITY

         5.1      By Alnylam. Alnylam represents and warrants to CSHL that
Alnylam has all necessary corporate power and authority to enter into and
perform its obligations under this Agreement without the consent or approval of
any other person or entity.

         5.2      Alnylam agrees to indemnify, hold harmless and defend CSHL,
its officers, directors, employees and agents, from and against any and all
claims, suits, losses, damages, costs, fees and expenses (collectively,
"Claims") resulting from or arising out of the development, manufacture,
storage, sale or other distribution or any other use of Licensed Patents or
Licensed Products by Alnylam, its Affiliates, agents and representatives or use
by end users and other third parties of Licensed Products.

         5.3      In all cases where CSHL seeks indemnification from Alnylam
under this Section 5, CSHL will promptly notify Alnylam of receipt of any claim
or lawsuit covered by such indemnification obligation and will cooperate fully
with Alnylam in connection with the investigation and defense of such claim or
lawsuit. Alnylam will have the right to control the

                                      -7-
<PAGE>

defense, with counsel of its choice, provided that CSHL will have the right to
be represented by advisory counsel at its own expense. Neither party will settle
or dispose of the matter in any matter that could negatively and materially
affect the rights or liability of the other party without the prior written
consent of such party, which will not be unreasonably withheld or delayed.

         5.4      Commencing not later than the date of Commercial Introduction
of a Licensed Product, Alnylam shall obtain and carry in full force and effect
product liability insurance against any claims, judgments, liabilities and
expenses for which it is obligated to indemnify the CSHL under Section 5.2
above, in such amounts as is reasonable at the time for similarly situated
companies engaged in similar business marketing similar products.

         5.5      By CSHL. CSHL represents and warrants that it has all
necessary power and authority to enter into and perform its obligations under
this Agreement without the consent or approval of any other person or entity,
including with respect to any pre-existing contractual relationships relating to
the subject matter hereof. CSHL further represents and warrants that to the
knowledge of the CSHL Office of Technology Transfer and Principal Investigator,
as of the Effective Date of this Agreement, CSHL is not party to an agreement or
named in any judgment or judicial or administrative order that reduces the
rights granted to Alnylam in Article 2 to the Licensed Patents.

         5.6      THIS LICENSE IS PROVIDED WITHOUT WARRANTY OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED.
CSHL MAKES NO REPRESENTATION OR WARRANTY THAT THE LICENSED PRODUCTS WILL NOT
INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT. CSHL DOES NOT MAKE, AND ALNYLAM
AND ITS AFFILIATES HEREBY WAIVES, ALL OTHER WARRANTIES EXPRESS OR IMPLIED.

IN NO EVENT WILL CSHL BE LIABLE TO ALNYLAM OR ITS AFFILIATES FOR ANY INCIDENTAL,
SPECIAL OR CONSEQUENTIAL DAMAGES RESULTING FROM EXERCISE OF THIS LICENSE OR THE
USE OF THE LICENSED PRODUCTS.

         5.7      Nothing in this Agreement should be construed as:

                  (a)      A warranty or representation by CSHL as to the
validity or scope of any Licensed Patents;

                  (b)      A warranty or representation that anything made,
used, sold or otherwise disposed of under any license granted in this Agreement
is or will be free from infringement of patents of third parties; or

                  (c)      A requirement that CSHL shall file any patent
application, secure any patent, or maintain any patent, including without
limitation any Licensed Patents, in force.

6.       CONFIDENTIAL INFORMATION

         6.1      Non-Disclosure and Non-Use. The parties also agree that
disclosure of CSHL Confidential Information and/or Alnylam Confidential
Information to third parties could destroy

                                      -8-
<PAGE>

the value of such information and each hereby agrees, with respect to the
Confidential Information of the other party, (i) not to use any such
Confidential Information except as expressly permitted hereunder or as
authorized in writing by the disclosing party; (ii) to safeguard such
Confidential Information against disclosure to others with the same degree of
care as it exercises with its own confidential information but in no event less
than a reasonable degree of care; (iii) to mark any duplication or reproduction,
in whole or in part, of such Confidential Information with a proprietary notice
stating that same is the Confidential Information of the other party; and (iv)
not to disclose such Confidential Information to others without the permission
of the other party, all such obligations to continue until the later of (a) five
years from the date of the disclosure of the corresponding Confidential
Information or (b) one year from the effective date of termination of this
Agreement. Notwithstanding the foregoing or anything to the contrary in this
Agreement, the obligations under this Agreement shall not apply with respect to
any information that the receiving party can demonstrate (a) is, as of the date
of disclosure or development hereunder, known to the receiving party as
evidenced by written records; (b) is, as of the date of disclosure or
development hereunder, or becomes in the future, publicly available other than
by act or omission of the receiving party; (c) is rightfully obtained by the
receiving party from a third party without any binder of secrecy, or (d) has
been independently developed by the receiving party without use of or reference
to the disclosing party's Confidential Information, as demonstrated by such
receiving party's independent written records contemporaneous with such
development. Notwithstanding any provisions of this Agreement to the contrary,
the receiving party may disclose Confidential Information of the disclosing
party to the extent and to the persons or entities required under applicable
governmental law, rule, regulation or order, including without limitation if
required by the rules or regulations of the United States Securities and
Exchange Commission or similar regulatory agency in a country other than the
United States or of any stock exchange or Nasdaq, provided that such receiving
party (i) first gives prompt notice of such disclosure requirement to the
disclosing party so as to enable the disclosing party to seek any limitations on
or exemptions from such disclosure requirement and (ii) reasonably cooperates,
at the disclosing party's request and expense in any such efforts. In addition,
the parties and their respective duly designated employees, agents or
representatives or other agents may disclose to any and all such persons,
without limitation, the United States federal tax treatment and tax structure of
the transaction(s) covered by this Agreement and all materials of any kind that
are provided to the parties relating to such tax treatment and tax structure.

         6.2      Subject to Section 6.1 and with a further exception for
disclosures to bona fide potential investors, lenders and acquirors/acquirees
and to a party's consultants and advisors under a written obligation of
confidentiality, neither party will disclose the specific terms of this
Agreement to a third party. For clarity, Alnylam shall first disclose the
existence of this Agreement, but only after providing CSHL the material language
of such disclosure and an opportunity to comment at least one week prior to such
disclosure.

         6.3      No Implied Right. Unless expressly stated herein, the
furnishing of Confidential Information hereunder does not constitute any grant,
option, license or transfer of any right to, in, or under any patent or any
other intellectual property rights now or hereinafter held by the disclosing
party.

                                      -9-
<PAGE>

7.       TERM AND TERMINATION

         7.1      Term. Unless sooner terminated in a manner herein provided,
this Agreement shall expire upon the expiration of the last-to-expire patent
within the Licensed Patents. Upon expiration of this Agreement, Alnylam shall
have fully paid up, royalty-free, worldwide, perpetual, irrevocable,
nonexclusive licenses under Section 2.

         7.2      Termination By Alnylam. Alnylam may terminate this Agreement
with or without cause upon thirty (30) days advance written notification to
CSHL.

         7.3      Termination By A Party For Breach.

                  (a)      In the event one party materially breaches this
Agreement, then the other party may terminate this Agreement, at its option and
without prejudice to any of its other legal and equitable rights and remedies,
only in the event no Dispute Regarding Breach (as defined below) exists, by
giving the party who committed such material breach sixty (60) days notice in
writing, particularly specifying the breach and the intent to terminate, unless
the notified party within such sixty (60) day period shall have rectified such
breach. For clarity, the other party may not terminate this Agreement if the
notified party has rectified such breach within such sixty (60) day period.

                  (b)      In the event of a good faith dispute between the
parties as to whether a party ("Defaulting Party") has materially breached this
Agreement (a "Dispute Regarding Breach"), the parties shall submit the Dispute
Regarding Breach under the dispute resolution procedures set forth in Section
8.11. If the parties submit the Dispute Regarding Breach to an arbitration panel
as set forth in Section 8.11(b) and the decision of such arbitration panel is
that the Defaulting Party is in material breach of this Agreement (an "Adverse
Judgment"), then such arbitration panel shall specify the manner in which such
breach could be cured. If the decision of the arbitration panel is an Adverse
Judgment, then Defaulting Party shall have thirty (30) days to substantially
cure such breach in accordance with the arbitration panel's decision. If
Defaulting Party fails to substantially cure such breach within such thirty (30)
day period or as otherwise agreed, only then shall the other party have the
right to terminate this Agreement under this Section 7.3.

                  (c)      Upon termination of this Agreement for a material
breach of this Agreement by CSHL under Section 7.3(a) or 7.3(b), Alnylam shall
have a perpetual, irrevocable, worldwide, nonexclusive license under Article 2.

         7.4      Termination by CSHL For Bankruptcy. To the extent permitted by
law, if (a) Alnylam shall become insolvent or shall suspend business without a
successor or shall file a voluntary petition or answer admitting the
jurisdiction of the court and the material allegations thereof or shall consent
to an involuntary petition pursuant to or purporting to be pursuant to any
reorganization or insolvency law of any jurisdiction or shall make an assignment
for the benefit of creditors, or shall apply for or consent to the appointment
of a receiver or trustee of a substantial part of its property, and such
proceedings are not dismissed within one-hundred and twenty (120) days of filing
and (b) no Affiliate shall undertake to assume its obligations under the
provisions of this Agreement within ninety (90) days from the date on which
Alnylam

                                      -10-
<PAGE>

becomes so disabled, then, to the extent permitted by law, CSHL may thereafter
immediately terminate this Agreement by giving written notice of termination to
Alnylam. This Agreement and all of each party's right, obligations, and licenses
hereunder shall terminate upon receipt of such notice, except with respect to
all accrued and unpaid initial license fees, annual license fee(s) and/or
Library construction, license fees, and royalties on Licensed Products under
Section 4 herein, if applicable, incurred prior to the date of termination and
except as provided in Section 8.5 herein. Alnylam shall notify CSHL in writing
within forty-five (45) days after the filing of any petition, answer, consent,
assignment, application or other document evidencing the conditions set forth in
subsection (a) of this Section 7.4.

         7.5      Survival. Upon any termination or expiration, all of each
party's rights and obligations hereunder shall terminate, except as expressly
set forth herein and except that the following provisions of this Agreement
granted pursuant to this Agreement shall survive and remain in full force and
effect for as long as necessary to permit their full discharge: Sections 4
through 9. Alnylam's obligations to provide royalty payments and reports of Net
Sales of Licensed Products shall remain in effect until the end of the calendar
quarter of such termination date, and its obligation to preserve books and
records and to make them available for inspection as provided in Section 3.5.1
(d) shall continue as provided in Section 3.5.1 (d).

8.       MISCELLANEOUS PROVISIONS

         8.1      Notices. All notices and communications provided for hereunder
shall be in writing and shall be deemed to be properly delivered and effective
(a) on the date of delivery if delivered by hand, by telefacsimile, or by
overnight courier, or (b) three days after mailing if mailed by first-class
mail, postage paid, to the respective addresses given below, or to such other
address as either party shall designate in writing to the other:

If to CSHL:                                  With a copy to:
John Maroney                                 [**]
Director, Office of Technology Transfer
Cold Spring Harbor Laboratory
Box 100
1 Bungtown Road
Cold Spring Harbor, NY 11724

If to Alnylam:                               With a copy to:
Alnylam Pharmaceuticals, Inc.                The Helix Law Group, P.C.
790 Memorial Drive                           One Broadway, 14th Floor
Cambridge, MA 02139                          Cambridge MA 02142
Attention: Chief Operating Officer           Attention: James R. McGarrah, Esq.

         8.2      Governing Law. This Agreement shall be governed by and
interpreted in accordance with the laws of the State of New York without giving
effect to any conflict of laws provisions thereof.

         8.3      Independent Contractors. Nothing contained herein shall be
interpreted as creating any relationship between the parties hereto except as
specifically set forth herein and it

                                      -11-
<PAGE>

is understood and agreed that the parties hereto are and shall remain
independent contractors, that neither party hereto shall be considered the
agent, partner, or joint venturer of the other for any purpose and that neither
party shall be responsible for or have any liability for the acts, actions, or
failures to act of the other party. Nothing in this Agreement or the performance
of the parties under this Agreement shall constitute (or be deemed to constitute
in law or in equity) a partnership, agency, distributorship, fiduciary,
employment or joint venture relationship between the parties. The parties are
not affiliated and neither has any right or authority to bind the other in any
way.

         8.4      Severability. The invalidity of any provision or part of this
Agreement shall not affect the validity of this Agreement in its entirety nor
any provision or part thereof. If any provision of this Agreement shall be held
by a court of competent jurisdiction to be illegal, invalid or unenforceable,
that provision shall be limited or eliminated to the minimum extent necessary so
that this Agreement shall otherwise remain in full force and effect and
enforceable.

         8.5      Waiver. No delay or failure of either party hereto in
exercising any right, power, or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power, or remedy
preclude other or further exercise thereof or the exercise of any other right,
power, or remedy.

         8.6      Headings. The headings in this Agreement are intended solely
for convenience of reference and shall be given no effect in the construction or
interpretation of this Agreement.

         8.7      Entire Understanding. This Agreement and any attachments
hereto constitute the entire understanding between the parties hereto with
respect to the subject matter hereof and supersedes all proposals, oral or
written, all negotiations, conversations, or discussions between or among the
parties relating to the subject matter of this Agreement and all past dealing or
industry custom. No modifications, extensions or waiver of any provisions hereof
or release of any right hereunder shall be valid, unless the same is in writing
and is consented to by both parties hereto.

         8.8      No Assignments. Neither this Agreement nor any of the rights,
options or licenses granted to Alnylam hereunder shall be assignable to any
third party without the prior written consent of CSHL; provided that Alnylam may
without CSHL's consent assign this Agreement and delegate its obligations to any
acquiror of all or of substantially all of Alnylam's assets or business or
equity securities that relate to the licenses and rights granted herein.

         8.9      No Use of Names. No right, express or implied, is granted by
this Agreement to use in any manner the names "Cold Spring Harbor Laboratory",
"CSHL" or "Alnylam" or any other trade name or trademark of CSHL or Alnylam
without the prior written consent of the other party. Subject to Section 6,
neither party shall make any public announcement, press release, or other public
disclosure, advertisement or promotion concerning this Agreement or the subject
matter hereof without the prior written consent of the other party.

         8.10     Counterparts. This Agreement may be executed simultaneously in
counterparts, each of which shall be deemed to be original but all of which
together shall constitute one and the same Agreement.

                                      -12-
<PAGE>

         8.11     Dispute Resolution.

                  (a)      Internal Resolution. Any controversy, dispute or
claim which may arise out of or in connection with this Agreement, or the
interpretation, enforceability, performance, breach, termination or validity
thereof, including disputes relating to- alleged breach or termination of this
Agreement, but excluding any determination as to the infringement, validity or
claim interpretation of the Licensed Patents ("Dispute") shall be first referred
to designated senior representatives of each party for resolution prior to
proceeding under the following provisions in this Section 8.11. Such dispute
shall be referred to such representatives within fifteen (15) business days of
one party providing the other with written notice that such dispute exists, and
such representatives shall meet to attempt to resolve such dispute through good
faith discussions within fifteen (15) business days thereafter.

                  (b)      Arbitration. The parties agree that any Dispute not
resolved internally by the parties within thirty (30) days after meeting
pursuant to Section 8.11 (a) above, shall be resolved by binding arbitration in
accordance with the Commercial Arbitration Rules of the American Arbitration
Association ("AAA"), except as modified in this Agreement. The arbitration
tribunal shall consist of three neutral arbitrators. Each party shall nominate
in the request for arbitration and the answer thereto one arbitrator and the two
arbitrators so named will then jointly appoint the third arbitrator as chairman
of the arbitration tribunal. The parties shall have no ex-party communication
with their proposed arbitrator. If one party fails to nominate its arbitrator
or, if the parties' arbitrators cannot agree on the person to be named as
chairman within sixty (60) days, the President of the American Arbitration
Association shall make the necessary appointments for arbitrator or chairman.
The arbitration shall be conducted in accordance with AAA's Commercial Dispute
Resolution Procedures. The place of arbitration shall be New Haven, Connecticut
and the arbitration proceedings shall be held in English. The procedural law of
the State of New York shall apply where the said Arbitration Rules are silent.
The decision of the arbitration tribunal must be in writing and must specify the
basis on which the decision was made, and the award of the arbitration tribunal
shall be final and judgment upon such an award may be entered in any competent
court or application may be made to any competent court for judicial acceptance
of such an award and order of enforcement.

[SIGNATURE PAGE FOLLOWS]

                                      -13-
<PAGE>

         IN WITNESS HEREOF, the parties hereto have executed this Agreement
as-of the date and year first above written.

                                 ALNYLAM PHARMACEUTICALS, INC.

                                 By: /s/John Maraganore
                                     -------------------------------------------

                                 Title: President and CEO

                                 Date: December 30, 2003

                                 COLD SPRING HARBOR LABORATORY

                                 By: /s/ John Maroney
                                     -------------------------------------------

                                 Title: Director, Office of Technology Transfer

                                 Date: 12/31/2003

                                      -14-
<PAGE>

SCHEDULE A
CSHL Patents

<TABLE>
<CAPTION>
Serial No.     Type      Title   Date Filed     Status
------------------------------------------------------
<S>            <C>       <C>     <C>            <C>
 [**]          [**]      [**]      [**]          [**]
 [**]          [**]      [**]      [**]          [**]
 [**]          [**]      [**]      [**]          [**]
 [**]          [**]      [**]      [**]          [**]
</TABLE>

                                      -15-
<PAGE>

Schedule B

The sublicense for rights to make or use products or processes under the CSHL
Licensed Patents conveys to the end user the limited, non-exclusive,
non-transferable license under these patent rights to perform the processes in
those patent applications for performance of contract work on behalf of Alnylam,
only. No other license is granted to the end user whether expressly, by
implication, by estoppel or otherwise. In particular, the right to make or use
products or processes under the CSHL Licensed Patents does not include nor carry
any right or license to sell or offer for sale products, formulations, or
methods claimed in Cold Spring Harbor Laboratory patents or patent applications
and no rights are conveyed to the end user to use the product or components of
the product for any other purposes, including without limitation, provision of
services to a third party, or selling of commercial databases.

In the event that a not-for-profit entity desires or intends to receive rights
to make or use products or processes under the CSHL Licensed Patents on the
behalf of Alnylam, such not-for-profit entity must contact CSHL to negotiate the
appropriate interinstitutional agreement.

THE CSHL LICENSED PATENT RIGHTS ARE MADE AVAILABLE PURSUANT TO A LICENSE FROM
CSHL, AND CSHL RESERVES ALL OTHER RIGHTS UNDER THESE PATENT RIGHTS. FOR
INFORMATION ON PURCHASING A LICENSE TO THE PATENT RIGHTS FOR USES OTHER THAN IN
CONJUNCTION WITH THIS PRODUCT OR TO USE THIS PRODUCT FOR PURPOSES OTHER THAN
CONTRACT WORK ON BEHALF OF ALNYLAM, PLEASE CONTACT THE CSHL OFFICE OF TECHNOLOGY
TRANSFER AT 516-367-8312.

                                      -16-

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