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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt">As
  filed with the Securities and Exchange Commission on December&nbsp;17, 2007
  </DIV>
  
  
  <DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration No.&nbsp;333-_______
  </DIV>
  
  
  <DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
  <DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
  
  
  
  
  <DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
  SECURITIES AND EXCHANGE COMMISSION</B>
  </DIV>
  
  <DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
  </DIV>
  
  <DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
  </DIV>
  
  
  <DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER<BR>
  THE SECURITIES ACT OF 1933</B>
  </DIV>
  
  <DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Alnylam Pharmaceuticals, Inc.</B>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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  <TR valign="bottom">
      <TD align="center" valign="top"><B>Delaware</B><BR>
  (State or Other Jurisdiction of <BR>
  Incorporation or Organization)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top"><B>77-0602661</B><BR>
  (I.R.S. Employer<BR>
  Identification No.)</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="47%">&nbsp;</TD>
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  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD align="center" valign="top"><B>300 Third Street <BR>
  Cambridge, Massachusetts</B><BR>
  (Address of Principal Executive Offices)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top"><B>02142<br><br></B>
  (Zip Code)</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2004 Stock Incentive Plan</B><BR>
  (Full Title of the Plan)
  </DIV>
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>John M. Maraganore, Ph.D.<BR>
  Chief Executive Officer<BR>
  Alnylam Pharmaceuticals, Inc.<BR>
  300 Third Street<BR>
  Cambridge, Massachusetts 02142</B><BR>
  (Name and Address of Agent For Service)<BR>
  <B>(617)&nbsp;551-8200</B><BR>
  (Telephone Number, Including Area Code, of Agent For Service)
  </DIV>
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
  </DIV>
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
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      <TD width="1%">&nbsp;</TD>
  </TR><TR style="font-size: 1px" valign="bottom">
      <TD nowrap align="left" colspan="21" style="border-bottom: 3px double #000000">&nbsp;</TD>
  </TR>
  <TR style="font-size: 10pt" valign="bottom">    <TD width="1%" style="border-left: 3px double #000000">&nbsp;</TD>
  
      <TD>&nbsp;</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Proposed</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Proposed Maximum</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Amount of</TD>
      <TD width="1%" style="border-right: 3px double #000000">&nbsp;</TD>
  </TR>
  <TR style="font-size: 10pt" valign="bottom">    <TD width="1%" style="border-left: 3px double #000000">&nbsp;</TD>
  
      <TD nowrap align="center">Title of Securities to be</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">Amount to be</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Maximum Offering</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Aggregate Offering</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Registration</TD>
      <TD width="1%" style="border-right: 3px double #000000">&nbsp;</TD>
  </TR>
  <TR style="font-size: 10pt" valign="bottom">    <TD width="1%" style="border-left: 3px double #000000">&nbsp;</TD>
  
      <TD nowrap align="center">Registered</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">Registered (1)</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Price Per Share (3)</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Price (3)</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Fee</TD>
      <TD width="1%" style="border-right: 3px double #000000">&nbsp;</TD>
  </TR>
  
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      <TD width="1%" style="border-left: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
                      <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Stock (including
  associated Series&nbsp;A Junior
  Participating Preferred Stock
  Rights), $0.01 par
  value per share
  </DIV></TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD align="center" valign="top" style="border-top: 1px solid #000000">3,184,444&nbsp;shares&nbsp;(2)
  </TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
  
  <TD align="right" valign="top" style="border-top: 1px solid #000000">30.94</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
  
  <TD align="right" valign="top" style="border-top: 1px solid #000000">98,526,697.36</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
  
  <TD align="right" valign="top" style="border-top: 1px solid #000000">3,025</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD width="1%" style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
  </TR>
  <TR style="font-size: 1px" valign="bottom">
      <TD nowrap align="left" colspan="21" style="border-top: 3px double #000000">&nbsp;</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" nowrap align="left">(1)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>In accordance with Rule&nbsp;416 under the Securities Act of 1933, as amended (the &#147;Securities
  Act&#148;), this registration statement shall be deemed to cover any additional securities that may
  from time to time be offered or issued to prevent dilution resulting from stock splits, stock
  dividends or similar transactions.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" nowrap align="left">(2)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Consists of an additional 3,184,444 shares issuable under the 2004 Stock Incentive Plan, as
  amended, pursuant to the terms of such plan.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" nowrap align="left">(3)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c)
  and 457(h) of the Securities Act and based upon the average of the high and low prices of the
  Registrant&#146;s Common Stock as reported on the NASDAQ Global
  Market on December&nbsp;14, 2007.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
  <DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
  
  
  
  
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
  </DIV>
  
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  
  
  
  <!-- TOC -->
  <A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>
  
  <P><CENTER>
  <TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
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  </TR>
  <TR><TD colspan="9"><A HREF="#000">PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#001">PART II<BR> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption from Registration Claimed.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings.</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#010">POWER OF ATTORNEY AND SIGNATURES</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#011">INDEX TO EXHIBITS</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b67751apexv5w1.htm">EX-5.1 - Opinion of Wilmer Cutler Pickering Hale and Dorr LLP</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b67751apexv23w2.htm">EX-23.2 - Consent of PricewaterhouseCoopers LLP</A></TD></TR>
  </TABLE>
  </CENTER>
  <!-- /TOC -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  
  
  
  <!-- link1 "PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
  <DIV align="left"><A NAME="000"></A></DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I<BR>
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by Part&nbsp;I is included in documents sent or given to participants in
  the 2004 Stock Incentive Plan pursuant to Rule&nbsp;428(b)(1) of the Securities Act of 1933, as amended
  (the &#147;Securities Act&#148;).
  </DIV>
  <!-- link1 "PART II<BR> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
  <DIV align="left"><A NAME="001"></A></DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
  </DIV>
  
  <!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
  <DIV align="left"><A NAME="002"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is subject to the informational and reporting requirements of Sections&nbsp;13(a),
  14, and 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and in
  accordance therewith files reports, proxy statements and other information with the Securities and
  Exchange Commission (the &#147;Commission&#148;). The following documents, which are on file with the
  Commission, are incorporated in this registration statement by reference:
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant&#146;s annual report on Form 10-K for its fiscal year ended December&nbsp;31, 2006,
  File No.&nbsp;000-50743, filed with the Commission on March&nbsp;12, 2007;
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the
  end of the fiscal year covered by the document referred to in (a)&nbsp;above; and
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The description of the Registrant&#146;s common stock and preferred stock purchase rights
  contained in a registration statement on Form 8-A/A, File No.&nbsp;000-50743, filed with the Commission
  on July&nbsp;14, 2005, including any amendment or report filed for the purpose of updating such
  description.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
  15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
  all securities offered hereby have been sold or which deregisters all securities then remaining
  unsold, shall be deemed to be incorporated by reference in this registration statement and to be
  part hereof from the date of the filing of such documents. Any statement contained in a document
  incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
  superseded for the purposes of this registration statement to the extent that a statement contained
  herein or in any other subsequently filed document which also is or is deemed to be incorporated by
  reference herein modifies or supersedes such statement. Any statement so modified or superseded
  shall not be deemed, except as so modified or superseded, to constitute a part of this registration
  statement.
  </DIV>
  <!-- link2 "Item&nbsp;4. Description of Securities." -->
  <DIV align="left"><A NAME="003"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;4. Description of Securities.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  </DIV>
  <!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->
  <DIV align="left"><A NAME="004"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Wilmer Cutler Pickering Hale and Dorr LLP has opined as to the legality of the
  securities being offered by this registration statement.
  </DIV>
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->-1-<!-- /Folio -->
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
  <DIV align="left"><A NAME="005"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;102 of the Delaware General Corporation Law allows a corporation to eliminate the
  personal liability of directors of a corporation to the corporation or its stockholders for
  monetary damages for a breach of fiduciary duty as a director, except where the director breached
  his duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly
  violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of
  Delaware corporate law or obtained an improper personal benefit. Alnylam has included such a
  provision in its restated certificate of incorporation.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the General Corporation Law of Delaware provides that a corporation has the
  power to indemnify a director, officer, employee or agent of the corporation and certain other
  persons serving at the request of the corporation in related capacities against amounts paid and
  expenses incurred in connection with an action or proceeding to which he is or is threatened to be
  made a party by reason of such position, if such person shall have acted in good faith and in a
  manner he reasonably believed to be in or not opposed to the best interests of the corporation,
  and, in any criminal proceeding, if such person had no reasonable cause to believe his conduct was
  unlawful; provided that, in the case of actions brought by or in the right of the corporation, no
  indemnification shall be made with respect to any matter as to which such person shall have been
  adjudged to be liable to the corporation unless and only to the extent that the adjudicating court
  determines that such indemnification is proper under the circumstances.
  Alnylam&#146;s restated certificate of incorporation provides that:
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Alnylam must indemnify our directors and officers to the fullest extent permitted by
  Delaware law;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Alnylam may indemnify our other employees and agents to the same extent that Alnylam
  indemnified its officers and directors, unless otherwise determined by Alnylam&#146;s Board of
  Directors; and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Alnylam must advance expenses, as incurred, to its directors and executive officers in
  connection with a legal proceeding to the fullest extent permitted by Delaware law.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification provisions contained in Alnylam&#146;s restated certificate of incorporation
  are not exclusive of any other rights to which a person may be entitled by law, agreement, vote of
  stockholders or disinterested directors or otherwise.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Alnylam maintains insurance on behalf of its directors and executive officers
  insuring them against any liability asserted against them in their capacities as directors or
  officers or arising out of such status.
  </DIV>
  <!-- link2 "Item&nbsp;7. Exemption from Registration Claimed." -->
  <DIV align="left"><A NAME="006"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;7. Exemption from Registration Claimed.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  </DIV>
  <!-- link2 "Item&nbsp;8. Exhibits." -->
  <DIV align="left"><A NAME="007"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;8. Exhibits.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exhibit&nbsp;Index immediately preceding the exhibits is incorporated herein by reference.
  </DIV>
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <!-- link2 "Item&nbsp;9. Undertakings." -->
  <DIV align="left"><A NAME="008"></A></DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;9. Undertakings.</B>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U><I>Item&nbsp;</I><I>512(a)</I><I> of Regulation&nbsp;S-K</I></U>. The undersigned Registrant hereby undertakes:
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To file, during any period in which offers or sales are being made, a
  post-effective amendment to this registration statement:
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; To reflect in the prospectus any facts or events arising after the effective date
  of the registration statement (or the most recent post-effective amendment thereof) which,
  individually or in the aggregate, represent a fundamental change in the information set
  forth in the registration statement; and
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp; To include any material information with respect to the plan of distribution not
  previously disclosed in the registration statement or any material change to such
  information in the registration statement;
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>provided, however, </I>that paragraphs (i)&nbsp;and (ii)&nbsp;do not apply if the information required to
  be included in a post-effective amendment by those paragraphs is contained in periodic
  reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13
  or Section 15(d) of the Exchange Act that are incorporated by reference in the registration
  statement.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of determining any liability under the Securities Act, each
  such post-effective amendment shall be deemed to be a new registration statement relating to
  the securities offered therein, and the offering of such securities at that time shall be
  deemed to be the initial <I>bona fide </I>offering thereof.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To remove from registration by means of a post-effective amendment any of the
  securities being registered which remain unsold at the termination of the offering.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U><I>Item&nbsp;</I><I>512(b)</I><I> of Regulation&nbsp;S-K</I></U>. The undersigned Registrant hereby undertakes that,
  for purposes of determining any liability under the Securities Act, each filing of the Registrant&#146;s
  annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated
  by reference in the registration statement shall be deemed to be a new registration statement
  relating to the securities offered therein, and the offering of such securities at that time shall
  be deemed to be the initial <I>bona fide </I>offering thereof.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U><I>Item&nbsp;</I><I>512(h)</I><I> of Regulation&nbsp;S-K</I></U>. Insofar as indemnification for liabilities arising
  under the Securities Act may be permitted to directors, officers and controlling persons of the
  Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that
  in the opinion of the Securities and Exchange Commission such indemnification is against public
  policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
  claim for indemnification against such liabilities (other than the payment by the Registrant of
  expenses incurred or paid by a director, officer or controlling person of the Registrant in the
  successful defense of any action, suit or proceeding) is asserted by such director, officer or
  controlling person in connection with the securities being registered, the Registrant will, unless
  in the opinion of its counsel the matter has been settled by controlling precedent, submit to a
  court of appropriate jurisdiction the question whether such indemnification by it is against public
  policy as expressed in the Securities Act and will be governed by the final adjudication of such
  issue.
  </DIV>
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <!-- link1 "SIGNATURES" -->
  <DIV align="left"><A NAME="009"></A></DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
  reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
  duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
  duly authorized, in the City of Cambridge, Commonwealth of
  Massachusetts on this 17<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
  day of December, 2007.
  </DIV>
  
  <TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
  <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="35%">&nbsp;</TD>
      <TD width="15%">&nbsp;</TD>
  </TR>
  <TR>
      <TD valign="top" align="left">&nbsp;</TD>
      <TD colspan="3" align="left">ALNYLAM PHARMACEUTICALS, INC.<BR>
  &nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD align="left">&nbsp;</TD>
      <TD valign="top">By:&nbsp;&nbsp;</TD>
      <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John M. Maraganore
  &nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2" align="left">John M. Maraganore, Ph.D.&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  <TR>
      <TD colspan="5">&nbsp;</TD>
  </TR>
  </TABLE>
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <!-- link1 "POWER OF ATTORNEY AND SIGNATURES" -->
  <DIV align="left"><A NAME="010"></A></DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY AND SIGNATURES</B>
  </DIV>
  
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned officers and directors of Alnylam Pharmaceuticals, Inc., hereby severally
  constitute and appoint John M. Maraganore and Patricia L. Allen, and each of them singly, our true
  and lawful attorneys with full power to them, and each of them singly, to sign for us and in our
  names in the capacities indicated below, the registration statement on Form S-8 filed herewith and
  any and all subsequent amendments to said registration statement, and generally to do all such
  things in our names and on our behalf in our capacities as officers and directors to enable Alnylam
  Pharmaceuticals, Inc. to comply with the provisions of the Securities Act, and all requirements of
  the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may
  be signed by our said attorneys, or any of them, to said registration statement and any and all
  amendments thereto.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration statement has been
  signed by the following persons in the capacities and on the dates indicated.
  </DIV>
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="30%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="40%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="20%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 10pt" valign="bottom">
      <TD nowrap align="center" style="border-bottom: 0px solid #000000"><u><B>Signature</B></u></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 0px solid #000000"><u><B>Title</B></u></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 0px solid #000000"><u><B>Date</B></u></TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom"><!-- Blank Space -->
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" nowrap valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ John M. Maraganore
  <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
  John M. Maraganore, Ph.D.</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap valign="top">
  Chief
  Executive Officer
  <br>(Principal Executive
  Officer)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">December 17, 2007</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ Patricia L. Allen
  <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
  Patricia L. Allen</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap valign="top">
  Vice President of Finance
  and Treasurer <br>(Principal
  Financial and Accounting
  Officer)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">December 17, 2007</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ John K. Clarke
  <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
  John K. Clarke</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">December 17, 2007</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ Victor J. Dzau
  <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
  Victor J. Dzau, M.D.</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">December 17, 2007</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ Vicki L. Sato
  <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
  Vicki L. Sato, Ph.D.</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">December 17, 2007</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ Paul R. Schimmel
  <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
  Paul R. Schimmel, Ph.D.</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">December 17, 2007</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ Phillip A. Sharp
  <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
  Phillip A. Sharp, Ph.D.</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">December 17, 2007</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ Kevin P. Starr
  <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
  Kevin P. Starr</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">December 17, 2007</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ James L. Vincent
  <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
  James L. Vincent</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">December 17, 2007</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <!-- link1 "INDEX TO EXHIBITS" -->
  <DIV align="left"><A NAME="011"></A></DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
  </DIV>
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="10%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="88%">&nbsp;</TD>
  </TR>
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>Number</u>
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top"><u>Description</u></TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1(1)
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Restated Certificate of Incorporation of the Registrant</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2(2)
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Amended and Restated By-Laws of the Registrant</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3(3)
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Rights Agreement dated July&nbsp;13, 2005 between the Registrant and EquiServe Trust
  Company, N.A., as Rights Agent</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Opinion of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Registrant</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in Exhibit&nbsp;5.1)</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Power of Attorney (included on the signature pages of this registration statement)</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  <DIV align="left">
  <DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
  </DIV>
  
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  <TR>
      <TD width="3%"></TD>
      <TD width="1%"></TD>
      <TD width="96"></TD>
  </TR>
  
  <TR valign="top">
      <TD nowrap align="left">(1)</TD>
      <TD>&nbsp;</TD>
      <TD>Previously filed with the Securities and Exchange Commission as an Exhibit to the
  Registrant&#146;s Quarterly Report on Form 10-Q filed on August&nbsp;11, 2005 (File No.&nbsp;000-50743) and
  incorporated herein by reference.</TD>
  </TR>
  
  <TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD nowrap align="left">(2)</TD>
      <TD>&nbsp;</TD>
      <TD>Previously filed with the Securities and Exchange Commission as an Exhibit to the
  Registrant&#146;s Registration Statement on Form S-1/A, as amended, filed on April&nbsp;6, 2004 (File
  No.&nbsp;333-113162) and incorporated herein by reference.</TD>
  </TR>
  
  <TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD nowrap align="left">(3)</TD>
      <TD>&nbsp;</TD>
      <TD>Previously filed with the Securities and Exchange Commission as an Exhibit to the
  Registrant&#146;s Current Report of Form 8-K filed on July&nbsp;14, 2005 (File No.&nbsp;000-50743) and
  incorporated herein by reference.</TD>
  </TR>
  
  </TABLE>
  
  
  
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->-6-<!-- /Folio -->
  </DIV>
  
  </BODY>
  </HTML>
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text: sv8
  Table of Contents
  As
  filed with the Securities and Exchange Commission on December 17, 2007
  Registration No. 333-_______
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT UNDER
  THE SECURITIES ACT OF 1933
  Alnylam Pharmaceuticals, Inc.
  (Exact Name of Registrant as Specified in Its Charter)
  Delaware
  (State or Other Jurisdiction of
  Incorporation or Organization)
  77-0602661
  (I.R.S. Employer
  Identification No.)
  300 Third Street
  Cambridge, Massachusetts
  (Address of Principal Executive Offices)
  02142
  (Zip Code)
  2004 Stock Incentive Plan
  (Full Title of the Plan)
  John M. Maraganore, Ph.D.
  Chief Executive Officer
  Alnylam Pharmaceuticals, Inc.
  300 Third Street
  Cambridge, Massachusetts 02142
  (Name and Address of Agent For Service)
  (617) 551-8200
  (Telephone Number, Including Area Code, of Agent For Service)
  CALCULATION OF REGISTRATION FEE
  Proposed
  Proposed Maximum
  Amount of
  Title of Securities to be
  Amount to be
  Maximum Offering
  Aggregate Offering
  Registration
  Registered
  Registered (1)
  Price Per Share (3)
  Price (3)
  Fee
  Common Stock (including
  associated Series A Junior
  Participating Preferred Stock
  Rights), $0.01 par
  value per share
  3,184,444 shares (2)
  $
  30.94
  $
  98,526,697.36
  $
  3,025
  (1)
  In accordance with Rule 416 under the Securities Act of 1933, as amended (the "Securities
  Act"), this registration statement shall be deemed to cover any additional securities that may
  from time to time be offered or issued to prevent dilution resulting from stock splits, stock
  dividends or similar transactions.
  (2)
  Consists of an additional 3,184,444 shares issuable under the 2004 Stock Incentive Plan, as
  amended, pursuant to the terms of such plan.
  (3)
  Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c)
  and 457(h) of the Securities Act and based upon the average of the high and low prices of the
  Registrant's Common Stock as reported on the NASDAQ Global
  Market on December 14, 2007.
  TABLE OF CONTENTS
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference.
  Item 4. Description of Securities.
  Item 5. Interests of Named Experts and Counsel.
  Item 6. Indemnification of Directors and Officers.
  Item 7. Exemption from Registration Claimed.
  Item 8. Exhibits.
  Item 9. Undertakings.
  SIGNATURES
  POWER OF ATTORNEY AND SIGNATURES
  INDEX TO EXHIBITS
  EX-5.1 - Opinion of Wilmer Cutler Pickering Hale and Dorr LLP
  EX-23.2 - Consent of PricewaterhouseCoopers LLP
  Table of Contents
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  The information required by Part I is included in documents sent or given to participants in
  the 2004 Stock Incentive Plan pursuant to Rule 428(b)(1) of the Securities Act of 1933, as amended
  (the "Securities Act").
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference.
  The Registrant is subject to the informational and reporting requirements of Sections 13(a),
  14, and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in
  accordance therewith files reports, proxy statements and other information with the Securities and
  Exchange Commission (the "Commission"). The following documents, which are on file with the
  Commission, are incorporated in this registration statement by reference:
  (a)      The Registrant's annual report on Form 10-K for its fiscal year ended December 31, 2006,
  File No. 000-50743, filed with the Commission on March 12, 2007;
  (b)      All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the
  end of the fiscal year covered by the document referred to in (a) above; and
  (c)      The description of the Registrant's common stock and preferred stock purchase rights
  contained in a registration statement on Form 8-A/A, File No. 000-50743, filed with the Commission
  on July 14, 2005, including any amendment or report filed for the purpose of updating such
  description.
  All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
  15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
  all securities offered hereby have been sold or which deregisters all securities then remaining
  unsold, shall be deemed to be incorporated by reference in this registration statement and to be
  part hereof from the date of the filing of such documents. Any statement contained in a document
  incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
  superseded for the purposes of this registration statement to the extent that a statement contained
  herein or in any other subsequently filed document which also is or is deemed to be incorporated by
  reference herein modifies or supersedes such statement. Any statement so modified or superseded
  shall not be deemed, except as so modified or superseded, to constitute a part of this registration
  statement.
  Item 4. Description of Securities.
  Not applicable.
  Item 5. Interests of Named Experts and Counsel.
  Wilmer Cutler Pickering Hale and Dorr LLP has opined as to the legality of the
  securities being offered by this registration statement.
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  Item 6. Indemnification of Directors and Officers.
  Section 102 of the Delaware General Corporation Law allows a corporation to eliminate the
  personal liability of directors of a corporation to the corporation or its stockholders for
  monetary damages for a breach of fiduciary duty as a director, except where the director breached
  his duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly
  violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of
  Delaware corporate law or obtained an improper personal benefit. Alnylam has included such a
  provision in its restated certificate of incorporation.
  Section 145 of the General Corporation Law of Delaware provides that a corporation has the
  power to indemnify a director, officer, employee or agent of the corporation and certain other
  persons serving at the request of the corporation in related capacities against amounts paid and
  expenses incurred in connection with an action or proceeding to which he is or is threatened to be
  made a party by reason of such position, if such person shall have acted in good faith and in a
  manner he reasonably believed to be in or not opposed to the best interests of the corporation,
  and, in any criminal proceeding, if such person had no reasonable cause to believe his conduct was
  unlawful; provided that, in the case of actions brought by or in the right of the corporation, no
  indemnification shall be made with respect to any matter as to which such person shall have been
  adjudged to be liable to the corporation unless and only to the extent that the adjudicating court
  determines that such indemnification is proper under the circumstances.
  Alnylam's restated certificate of incorporation provides that:
  •
  Alnylam must indemnify our directors and officers to the fullest extent permitted by
  Delaware law;
  •
  Alnylam may indemnify our other employees and agents to the same extent that Alnylam
  indemnified its officers and directors, unless otherwise determined by Alnylam's Board of
  Directors; and
  •
  Alnylam must advance expenses, as incurred, to its directors and executive officers in
  connection with a legal proceeding to the fullest extent permitted by Delaware law.
  The indemnification provisions contained in Alnylam's restated certificate of incorporation
  are not exclusive of any other rights to which a person may be entitled by law, agreement, vote of
  stockholders or disinterested directors or otherwise.
  In addition, Alnylam maintains insurance on behalf of its directors and executive officers
  insuring them against any liability asserted against them in their capacities as directors or
  officers or arising out of such status.
  Item 7. Exemption from Registration Claimed.
  Not applicable.
  Item 8. Exhibits.
  The Exhibit Index immediately preceding the exhibits is incorporated herein by reference.
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  Table of Contents
  Item 9. Undertakings.
  (a)
  Item
  512(a)
  of Regulation S-K
  . The undersigned Registrant hereby undertakes:
  (1)      To file, during any period in which offers or sales are being made, a
  post-effective amendment to this registration statement:
  (i)      To include any prospectus required by Section 10(a)(3) of the Securities Act;
  (ii)     To reflect in the prospectus any facts or events arising after the effective date
  of the registration statement (or the most recent post-effective amendment thereof) which,
  individually or in the aggregate, represent a fundamental change in the information set
  forth in the registration statement; and
  (iii)    To include any material information with respect to the plan of distribution not
  previously disclosed in the registration statement or any material change to such
  information in the registration statement;
  provided, however,
  that paragraphs (i) and (ii) do not apply if the information required to
  be included in a post-effective amendment by those paragraphs is contained in periodic
  reports filed with or furnished to the Commission by the Registrant pursuant to Section 13
  or Section 15(d) of the Exchange Act that are incorporated by reference in the registration
  statement.
  (2)      That, for the purpose of determining any liability under the Securities Act, each
  such post-effective amendment shall be deemed to be a new registration statement relating to
  the securities offered therein, and the offering of such securities at that time shall be
  deemed to be the initial
  bona fide
  offering thereof.
  (3)      To remove from registration by means of a post-effective amendment any of the
  securities being registered which remain unsold at the termination of the offering.
  (b)
  Item
  512(b)
  of Regulation S-K
  . The undersigned Registrant hereby undertakes that,
  for purposes of determining any liability under the Securities Act, each filing of the Registrant's
  annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated
  by reference in the registration statement shall be deemed to be a new registration statement
  relating to the securities offered therein, and the offering of such securities at that time shall
  be deemed to be the initial
  bona fide
  offering thereof.
  (c)
  Item
  512(h)
  of Regulation S-K
  . Insofar as indemnification for liabilities arising
  under the Securities Act may be permitted to directors, officers and controlling persons of the
  Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that
  in the opinion of the Securities and Exchange Commission such indemnification is against public
  policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
  claim for indemnification against such liabilities (other than the payment by the Registrant of
  expenses incurred or paid by a director, officer or controlling person of the Registrant in the
  successful defense of any action, suit or proceeding) is asserted by such director, officer or
  controlling person in connection with the securities being registered, the Registrant will, unless
  in the opinion of its counsel the matter has been settled by controlling precedent, submit to a
  court of appropriate jurisdiction the question whether such indemnification by it is against public
  policy as expressed in the Securities Act and will be governed by the final adjudication of such
  issue.
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  Table of Contents
  SIGNATURES
  Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
  reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
  duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
  duly authorized, in the City of Cambridge, Commonwealth of
  Massachusetts on this 17
  th
  day of December, 2007.
  ALNYLAM PHARMACEUTICALS, INC.
  By:
  /s/ John M. Maraganore
  John M. Maraganore, Ph.D.
  Chief Executive Officer
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  Table of Contents
  POWER OF ATTORNEY AND SIGNATURES
  We, the undersigned officers and directors of Alnylam Pharmaceuticals, Inc., hereby severally
  constitute and appoint John M. Maraganore and Patricia L. Allen, and each of them singly, our true
  and lawful attorneys with full power to them, and each of them singly, to sign for us and in our
  names in the capacities indicated below, the registration statement on Form S-8 filed herewith and
  any and all subsequent amendments to said registration statement, and generally to do all such
  things in our names and on our behalf in our capacities as officers and directors to enable Alnylam
  Pharmaceuticals, Inc. to comply with the provisions of the Securities Act, and all requirements of
  the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may
  be signed by our said attorneys, or any of them, to said registration statement and any and all
  amendments thereto.
  Pursuant to the requirements of the Securities Act, this registration statement has been
  signed by the following persons in the capacities and on the dates indicated.
  Signature
  Title
  Date
  /s/ John M. Maraganore
  John M. Maraganore, Ph.D.
  Chief
  Executive Officer
  (Principal Executive
  Officer)
  December 17, 2007
  /s/ Patricia L. Allen
  Patricia L. Allen
  Vice President of Finance
  and Treasurer
  (Principal
  Financial and Accounting
  Officer)
  December 17, 2007
  /s/ John K. Clarke
  John K. Clarke
  Director
  December 17, 2007
  /s/ Victor J. Dzau
  Victor J. Dzau, M.D.
  Director
  December 17, 2007
  /s/ Vicki L. Sato
  Vicki L. Sato, Ph.D.
  Director
  December 17, 2007
  /s/ Paul R. Schimmel
  Paul R. Schimmel, Ph.D.
  Director
  December 17, 2007
  /s/ Phillip A. Sharp
  Phillip A. Sharp, Ph.D.
  Director
  December 17, 2007
  /s/ Kevin P. Starr
  Kevin P. Starr
  Director
  December 17, 2007
  /s/ James L. Vincent
  James L. Vincent
  Director
  December 17, 2007
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  Table of Contents
  INDEX TO EXHIBITS
  Number
  Description
  4.1(1)
  Restated Certificate of Incorporation of the Registrant
  4.2(2)
  Amended and Restated By-Laws of the Registrant
  4.3(3)
  Rights Agreement dated July 13, 2005 between the Registrant and EquiServe Trust
  Company, N.A., as Rights Agent
  5.1
  Opinion of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Registrant
  23.1
  Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in Exhibit 5.1)
  23.2
  Consent of PricewaterhouseCoopers LLP
  24
  Power of Attorney (included on the signature pages of this registration statement)
  (1)
  Previously filed with the Securities and Exchange Commission as an Exhibit to the
  Registrant's Quarterly Report on Form 10-Q filed on August 11, 2005 (File No. 000-50743) and
  incorporated herein by reference.
  (2)
  Previously filed with the Securities and Exchange Commission as an Exhibit to the
  Registrant's Registration Statement on Form S-1/A, as amended, filed on April 6, 2004 (File
  No. 333-113162) and incorporated herein by reference.
  (3)
  Previously filed with the Securities and Exchange Commission as an Exhibit to the
  Registrant's Current Report of Form 8-K filed on July 14, 2005 (File No. 000-50743) and
  incorporated herein by reference.
  -6-