The potential to deliver both life-saving and financially lucrative medicines has put RNA interference (RNAi) on the must-have lists of major pharmas. The majority of key IP is held by a relatively small number of entities, giving them bargaining power which has resulted in a series of high-value deals. This article looks at the recent deals made between Roche and Alnylam Pharmaceuticals, and AstraZeneca and Silence Therapeutics (formerly SR Pharma) in their bids to join the RNAi race.