Silence Therapeutics
A Nasdaq-listed London biotech designing liver-targeted siRNA medicines with its mRNAi GOLD platform; its lead candidate is divesiran for polycythemia vera.
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Podcast Episode
🎙️ Deep Dive
Silence, Nouscom, Musixmatch — $1.3B for siRNA, €120M for cancer interception and music rights — Daily News October 19, 2026
Listen to the episodeAbout Silence Therapeutics
Silence Therapeutics, formed in 1994 and headquartered in London, is a Nasdaq-listed clinical-stage biotech with offices in Hoboken (New Jersey) and Berlin and about 80 employees. With its proprietary mRNAi GOLD platform it develops RNA-interference (siRNA) therapies that silence disease-causing genes. Its lead programme is divesiran, Phase 3-ready in phlebotomy-dependent polycythemia vera and dosed subcutaneously every three months: in the Phase 2 SANRECO study it showed an 88% responder rate versus 19% for placebo, according to Merck. On October 19, 2026, Merck KGaA signed an all-cash agreement to acquire it at $20 per ADS, an equity value of about $1.3 billion; closing is expected in the first quarter of 2027 and is subject to a shareholder vote, sanction by the English High Court and regulatory approvals.
The Story
A company formed in 1994 that grew into a biotech specialised in RNA interference, now listed on Nasdaq.
How Silence Therapeutics works
Business Model
Proprietary clinical drug development and licensing partnerships with pharmaceutical companies.
Revenue Model
Revenue from collaborations and licences; no approved product on the market.
Products & Services
Key Products
- mRNAi GOLD (piattaforma siRNA)
- Divesiran
Core Use Cases
- Silencing disease-associated genes with siRNA
- Treating phlebotomy-dependent polycythemia vera
Market & Clients
Key Customers
Pharmaceutical partners; patients and healthcare providers only after any approval.
Geographic Presence
How Silence Therapeutics competes
Competitive Advantages
- Proprietary mRNAi GOLD platform
- Phase 3-ready divesiran
- Longstanding siRNA development expertise
How Silence Therapeutics grows
Growth Strategy
Complete the acquisition by Merck KGaA and start the divesiran Phase 3 trial.
Distribution Model
Proprietary clinical development and partnerships with pharmaceutical companies.
Moat (Defensibility)
Intellectual property on the siRNA platform, proprietary clinical data and liver-delivery expertise.
Regulatory Context
UK scheme of arrangement with High Court sanction, regulatory approvals for the transaction and clinical-trial and drug-approval rules.
Key Risks
- Acquisition failing to close
- Clinical failure or safety issues
- Failure to obtain regulatory approval
- Competition in polycythemia vera
Strategic Insights
- Large pharmaceutical groups are buying siRNA platforms together with their most advanced clinical candidates.
- An 82% premium to the 30-day average shows how far the market undervalued the asset relative to a strategic buyer.
Funding & Investors
Latest Valuation
Funding Rounds
- 2026 - Accordo di acquisizione (firmato, closing atteso nel primo trimestre 2027): Equity value circa $1,3B (enterprise value $1,1B)
Lead: Merck KGaA
Founding Team
Key Executives
- Iain Ross - Presidente e Interim Principal Executive Officer
Key Metrics
Lessons from Silence Therapeutics
- A technology platform gains value once it produces at least one clinical candidate with convincing data.
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Read AnalysisSources
- Silence Therapeutics Enters into Agreement to be Acquired by Merck KGaA, Darmstadt, Germany — Silence Therapeutics
- Merck KGaA, Darmstadt, Germany to Acquire Silence Therapeutics — Merck KGaA
- Germany's Merck buys Silence Therapeutics in $1.3 billion RNA drug deal — Reuters
- Silence Therapeutics — Wikipedia