Full Breakdown
Merck KGaA to Acquire Silence Therapeutics in $1.1-$1.3 B Deal
By Drooid · · How we work
Deal Terms and Valuation
Merck KGaA announced an all-cash agreement to purchase all outstanding ordinary shares of Silence Therapeutics. Shareholders will receive $20 per American depositary share (ADS), each ADS representing three ordinary shares. The transaction values the company at ? $1.1 billion enterprise value and ? $1.3 billion equity value, a 130 % premium to the ADS closing price on October 16, 2026 and an 82 % premium to the 30-day VWAP of $10.99. The deal is slated to close in the first quarter of 2027 under a UK scheme of arrangement, subject to shareholder approval and regulatory clearances.
Clinical Asset Driving the Purchase
Silence’s lead candidate, divesiran, is an siRNA therapy for polycythemia vera (PV). In the Phase 2 SANRECO study (48 patients), 88 % of divesiran-treated participants met the primary response definition—no phlebotomy between weeks 18 and 36 while maintaining hematocrit < 45 %—versus 19 % on placebo. Patients receiving divesiran averaged 0.2 phlebotomies over 36 weeks, compared with 2.1 for placebo. The company will test a 12-week regimen in a Phase 3 trial slated for early 2027.
Broader siRNA Platform and Pipeline
Silence operates the mRNAi-GOLD siRNA platform, which creates molecules that bind specific messenger RNAs and trigger their degradation. The platform underpins other programs, notably zerlasiran (formerly SLN360), an siRNA targeting lipoprotein(a) in Phase 2, and early-stage candidates for cholesterol, obesity, and immune-related diseases. The acquisition gives Merck access to this technology and to research sites in London, Berlin, the United States, and elsewhere.
Official Statements & Responses
Merck Group CEO Kai Beckmann said the transaction will strengthen the company’s ability to serve patients with targeted specialty and rare diseases. Danny Bar-Zohar, head of Merck’s healthcare business, called divesiran a “strategic fit and best-in-class potential.” Iain Ross, interim principal executive officer and chairman of Silence, noted Merck’s scale is needed to advance divesiran through Phase 3 and commercialization.
Data & Statistics
- Response rate (Phase 2): 88 % divesiran vs 19 % placebo.
- Mean phlebotomies (weeks 0-36): 0.2 vs 2.1.
- Dosing intervals studied: every 6 weeks and every 12 weeks.
- Projected market context: Takeda’s PV drug Mimrylo is forecast to reach $1-2 billion in peak annual sales; Bloomberg Intelligence projects divesiran could generate ? $400 million yearly by the mid-2030s if launched around 2030.
- Valuation premiums: 130 % to the October 16, 2026 closing price; 82 % to the 30-day average price.
Conflicting Reports & Gaps
Sources differ on the total valuation: some describe a $1.1 billion enterprise-value transaction, others cite a $1.3 billion equity-value figure. Both appear in press releases and analyst commentary, reflecting distinct accounting perspectives. No public data are yet available on the definitive Phase 3 timeline beyond the early-2027 target, and long-term safety or efficacy outcomes for divesiran remain unproven.
Verbatim Quotes
- “The planned acquisition of Silence Therapeutics will strengthen our capabilities to serve patients with targeted speciality and rare diseases,” — Kai Beckmann.
- “This transaction follows potentially best-in-class phase 2 polycythemia vera data for divesiran and reflects the important progress we have made advancing our differentiated siRNA pipeline,” — Iain Ross.
What’s Next
Silence plans to initiate a Phase 3 trial of divesiran with a 12-week dosing schedule in early 2027, contingent on Merck’s integration and regulatory approval. Merck will also evaluate how to leverage the mRNAi-GOLD platform across its rare-disease portfolio.