Silence Therapeutics is a clinical-stage company developing siRNA drugs, led by divesiran for polycythemia vera, a rare blood cancer; none is approved.
Silence's clinical case rests on divesiran, which silences TMPRSS6 to raise hepcidin in polycythemia vera. SANRECO Phase 2 reported 88% responders versus 19% on placebo, supporting planned Phase 3 development. Merck KGaA has now agreed to acquire Silence for $20.00 per ADS in cash. Shareholder returns therefore depend increasingly on completing the transaction, expected in the first quarter of 2027, subject to shareholder, court and regulatory approvals. If completed, the acquisition would put divesiran within a larger sponsor.
Thesis checklist
0 risks need attention
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: The divesiran Phase 3 starts on time
Does divesiran's quarterly-dose Phase 3 begin on the planned schedule as the acquisition proceeds?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
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Merck KGaA agrees to acquire Silence for $20.00 per ADS; closing remains conditional
Divesiran's strong Phase 2 in polycythemia vera was followed by an upsized $175 million raise; Phase 3 starts in 1H 2027
Divesiran's 88% Phase 2 response rate in polycythemia vera positions Silence for Phase 3, but ~$72M cash and no partner fund the pivotal trial
Divesiran's Phase 2 data in polycythemia vera will define Silence's survival window before a ~$70M cash position runs dry
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Disease areas: Blood cancers, Kidney diseases, Obesity, diabetes and heart disease, Autoimmune and inflammatory diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
10 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.