Merck KGaA to Acquire Silence Therapeutics for $1.3 Billion in All-Cash Deal at 130% Premium

Merck KGaA, Darmstadt, Germany announced on October 19 that it has agreed to acquire Silence Therapeutics plc (Nasdaq: SLN) in an all-cash transaction carrying an enterprise value of $1.1 billion and an equity value of approximately $1.3 billion. The offer price of $20.00 per American Depositary Share, with each ADS representing three ordinary shares, represents a 130% premium to Silence's closing ADS price on October 16, 2026, and an 82% premium to the 30-day volume-weighted average price of $10.99.

London-headquartered Silence is a clinical-stage biotechnology company developing medicines using its proprietary siRNA platform, which uses short interfering RNA to silence disease-causing genes. Key pipeline assets include Divesiran, which recently generated what Silence called potentially best-in-class Phase 2 data in polycythemia vera, and zerlasiran, a candidate targeting elevated lipoprotein(a) that had completed core Phase 3 readiness activities. Merck KGaA said the acquisition strengthens its rare disease pipeline with an innovative siRNA asset.

Interim Principal Executive Officer and Chairman Iain Ross said the deal is the result of a competitive sale process and delivers significant, immediate, and certain value to shareholders. The transaction is subject to customary closing conditions.