Merck KGaA to Acquire Silence Therapeutics in a $1.10 Billion Cash Deal

Silence Therapeutics plc (SLN) entered a merger agreement on October 19, 2026, to be acquired by Germany’s Merck KGaA in a deal valued at $1.10 billion.

Deal Structure:

Silence shareholders will receive $20 in cash per American Depositary Share (ADS), with each ADS representing three ordinary shares of Silence (or $6.67 per ordinary share). The cash consideration represents a premium of 130.41% over the stock’s last close.

Company Profile:

Silence Therapeutics is a London, UK-based biotechnology company focused on developing siRNA-based therapeutics that use RNA interference (RNAi) to silence disease-associated genes and reduce the production of targeted proteins. The company’s pipeline targets hematological, cardiovascular, metabolic, and rare diseases, and it collaborates with pharmaceutical companies to develop RNAi-based treatments across multiple therapeutic areas.

Merck KGaA is a Germany-based science and technology company operating across three business sectors: life science, healthcare, and electronics. Its activities include supplying products and services for drug development and manufacturing, developing medicines for various diseases, and providing materials and technologies for electronic devices.

Deal Details and Timeline:

The deal, which follows the Phase 2 polycythemia vera data for Divesiran, will help accelerate the drug’s Phase 3 development.

Polycythemia vera (PV) is a rare type of blood cancer in which the bone marrow produces too many red blood cells. This increases hematocrit (the proportion of red blood cells in the blood), making the blood thicker and increasing the risk of blood clots, cardiovascular complications, and death.

Divesiran is an investigational small interfering RNA (siRNA) therapy developed by Silence Therapeutics to treat PV. It works by silencing the TMPRSS6 gene in the liver, which helps increase hepcidin, a hormone that regulates iron levels in the body. This reduces the amount of iron available to the bone marrow, potentially limiting excessive red blood cell production. Divesiran has received Fast Track and Orphan Drug designations from the US Food and Drug Administration (FDA) for the treatment of PV.

The merger is expected to close in the first quarter of 2027.

Silence has engaged Morgan Stanley and Centerview Partners as its financial advisors, with Cooley serving as its legal counsel.

Deal Metrics:

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Deal Metrics for the acquisition of Silence Therapeutics plc (SLN) by Merck KGaA

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Editor’s Note: Baranjot Kaur contributed to this article