Silence Therapeutics plc has entered into a definitive agreement to be acquired by Merck KGaA, Darmstadt, Germany, in an all-cash transaction. The deal values Silence at an enterprise value of $1.1 billion and an equity value of approximately $1.3 billion, subject to customary closing conditions.
Under the terms of the agreement, Merck KGaA will acquire all outstanding ordinary shares of Silence. Upon completion, Silence shareholders will receive $20.00 in cash per American Depositary Share (ADS), with each ADS representing three ordinary shares, or $6.6667 per ordinary share. This consideration represents a 130% premium to Silence’s closing ADS price on October 16, 2026.
The transaction will be structured as a U.K. scheme of arrangement under Part 26 of the UK Companies Act 2006. It is expected to close in the first quarter of 2027 and is subject to approval by Silence’s shareholders, sanction by the High Court of Justice of England and Wales, and various regulatory approvals, including antitrust reviews in the U.S. and Germany.
The Silence Board of Directors has unanimously approved the transaction. Approximately 14% of Silence’s voting power is held by securityholders who have entered into voting and support agreements to vote in favor of the acquisition.
Merck KGaA intends to integrate Silence’s pipeline, specifically the siRNA therapeutic candidate Divesiran, into its operations. Divesiran targets polycythemia vera, a rare blood cancer characterized by excessive red blood cell production, and has received FDA Fast Track and Orphan Drug designations.
