Pharma BD Deal Intelligence
On October 19, 2026 Merck KGaA, Darmstadt, Germany agreed to acquire UK-based siRNA developer Silence Therapeutics plc in an all-cash transaction. Holders receive $20.00 per American Depositary Share (each ADS representing three ordinary shares), equivalent to $6.6667 per ordinary share - a 130% premium to the October 16, 2026 ADS close and an 82% premium to the 30-day VWAP of $10.99. The price implies an enterprise value of $1.1 billion and an equity value of approximately $1.3 billion. The transaction is structured as a scheme of arrangement under the UK Companies Act 2006 and requires Silence shareholder approval, sanction by the High Court of Justice of England and Wales, and regulatory clearances; closing is expected in the first quarter of 2027. The strategic driver is divesiran, a Phase III-ready siRNA candidate for phlebotomy-dependent polycythemia vera that silences TMPRSS6, a negative regulator of hepcidin. In the Phase 2 SANRECO trial divesiran produced an 88% responder rate versus 19% for placebo, with mean phlebotomies of 0.2 per patient versus 2.1 on placebo over weeks 0-36.
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