German science and technology group Merck has agreed to acquire London-headquartered Silence Therapeutics in an all-cash transaction valuing the biotechnology company at approximately $1.3 billion.
Announced on 19 October 2026, the agreement values Silence Therapeutics at $20 per American Depositary Share (ADS), equivalent to $6.6667 per ordinary share. The transaction carries an enterprise value of $1.1 billion and represents an 82% premium to Silence's 30-day volume-weighted average ADS price of $10.99 on 16 October.
The acquisition will add Divesiran, an investigational small interfering RNA (siRNA) therapy for polycythemia vera (PV), a rare blood cancer, to Merck's pharmaceutical pipeline.
Divesiran is preparing for Phase 3 development following results from the Phase 2 SANRECO study, which recorded an 88% responder rate compared with 19% for placebo. The treatment is administered by subcutaneous injection once every three months.
Silence Therapeutics employs approximately 80 people across the UK, US and Germany.
The acquisition is expected to close in the first quarter of 2027, subject to shareholder, regulatory and court approvals. Merck intends to finance the purchase through new debt.
Buyer / Parties: Merck KGaA, Darmstadt, Germany
Target: Silence Therapeutics plc (Nasdaq: SLN)
Sector: Biotechnology, pharmaceuticals and rare disease therapeutics
Deal type: Agreed all-cash acquisition
Value: Approximately $1.3 billion equity value; $1.1 billion enterprise value
Geography: Germany / United Kingdom
Identified advisers: A&O Shearman, Morgan Stanley, Centerview Partners, Cooley LLP, Joele Frank
The proposed acquisition will expand Merck's rare disease portfolio and introduce a clinical-stage hematology programme through Divesiran. The treatment targets TMPRSS6, a gene involved in regulating iron metabolism, with the aim of controlling excessive red blood cell production in PV patients. The transaction follows Merck's acquisition of SpringWorks Therapeutics in 2025 and supports its strategy of expanding into specialised therapeutic areas through acquisitions.
Buyer — Merck: A&O Shearman acted as legal counsel.
Target — Silence Therapeutics: Morgan Stanley & Co. LLC and Centerview Partners acted as financial advisers. Cooley LLP acted as legal counsel, while Joele Frank, Wilkinson Brimmer Katcher served as strategic communications adviser.
More from Finance Gazette: Deals | Interviews | Business
