The Silence Therapeutics acquisition was announced on 19 October 2026 by Merck KGaA, Darmstadt, Germany, which said it has entered a definitive agreement to acquire Silence Therapeutics plc (Nasdaq: SLN). Silence is a London-headquartered, clinical-stage biotechnology company that designs and develops siRNA (short interfering RNA) therapies for areas of high unmet need. The company describes the move as a step toward its Healthcare ambition of becoming a leading Global Specialty Innovator.
Merck KGaA will pay $20 per ADS in cash. Each ADS represents three ordinary shares of Silence Therapeutics, which works out to $6.6667 per ordinary share. According to the announcement, the Silence Therapeutics acquisition represents an enterprise value of $1.1 billion and an equity value of approximately $1.3 billion. The price is an 82% premium to the 30-day volume-weighted average price of $10.99, measured at the close of trading on 16 October 2026. That was the last trading day before the announcement.
The Silence Therapeutics acquisition centers on Divesiran, an investigational siRNA therapy that the companies describe as potentially best-in-class and Phase 3-ready. It is in development for phlebotomy-dependent polycythemia vera (PV) and is dosed subcutaneously once every three months. Once the transaction is completed, Divesiran will join Merck KGaA’s healthcare pipeline.
Silence Therapeutics Acquisition Deal Terms, Approvals and Closing Timeline
Merck KGaA expects the Silence Therapeutics acquisition to close in the first quarter of 2027. Closing remains subject to customary conditions, including required regulatory approvals and approval by Silence Therapeutics’ shareholders. The announcement says Silence’s Board of Directors unanimously approved the transaction. It also says Merck KGaA’s relevant corporate bodies approved it. These are forward-looking statements and depend on those conditions being met.
Certain securityholders holding approximately 14% of Silence Therapeutics’ voting power have signed a voting and support agreement with Merck KGaA. They have agreed, among other things, to vote in favor of the transaction. Silence is a UK company whose ADSs trade on Nasdaq, so the deal will be effected through a UK scheme of arrangement, as is customary for similar transactions. Merck KGaA says new debt will fund the purchase. A&O Shearman is acting as its legal counsel.
Iain Ross is Interim Principal Executive Officer and Chairman of Silence’s Board. He said the agreement followed a competitive sale process and delivers significant, immediate and certain value to shareholders. He also said it gives Silence’s programs a new home within a company with the scale, resources and commercial capabilities to accelerate Phase 3 development. Silence employs approximately 80 people across the UK, the US and Germany. Kai Beckmann, Chairman of the Executive Board and Group CEO of Merck KGaA, linked the Silence Therapeutics acquisition to last year’s acquisition of SpringWorks Therapeutics. He framed both as part of a shift toward specialized, high-unmet-need areas.
Divesiran SANRECO Phase 2 Data Behind the Silence Therapeutics Acquisition
PV is a chronic myeloproliferative neoplasm, a type of rare blood cancer. It is characterized by excessive production of red blood cells. The announcement notes this can be associated with a higher rate of death from cardiovascular and thrombotic events. Patients in the target population are phlebotomy-dependent, meaning they need therapeutic blood removal.
Divesiran is designed to selectively silence TMPRSS6, a gene involved in regulating hepcidin, the body’s key regulator of iron metabolism. By increasing hepcidin levels, the therapy aims to limit the iron available for red blood cell production. That could help control hematocrit levels and potentially reduce the need for frequent phlebotomies.
The clinical case for the Silence Therapeutics acquisition rests on the Phase 2 SANRECO study. Divesiran met its primary endpoint with an 88% responder rate versus 19% for placebo (p<0.0001). Mean phlebotomies fell to 0.2 per patient versus 2.1 on placebo over weeks 0 to 36 (p<0.0001). The results held irrespective of background cytoreductive therapy.
On safety, the announcement states that Divesiran was well-tolerated and that no new safety findings were observed. Injection site reactions were infrequent and self-limiting. There were two cases of Grade 1 anemia that an investigator assessed as related to treatment. These are Phase 2 findings, and Phase 3 results may differ.
Why the Silence Therapeutics Acquisition Matters to Merck KGaA’s Healthcare Strategy
Danny Bar-Zohar, member of the Executive Board and CEO Healthcare, called the planned purchase a significant step toward becoming a Global Specialty Innovator in Healthcare. He cited the promising Phase 2 efficacy data, the once-every-three-months dosing and a safety profile that appears manageable. He also pointed to a well-defined, homogeneous patient population. In his words, it provides an entry point into hematology through a biologically validated mechanism of action.
The company says the Silence Therapeutics acquisition strengthens its position in rare diseases, which it calls a high-value growth driver. It follows a strategic priority to address attractive end markets through M&A while creating value over the mid- to long-term. Merck KGaA also says it is leveraging advanced technologies and data science to improve research productivity. It focuses on indications that can be derisked through preclinical and early clinical testing.
Merck KGaA is a science and technology company operating across life science, healthcare and electronics. It reports more than 62,000 employees and 2025 sales of €21.1 billion in 65 countries. In the United States and Canada, its healthcare business operates as EMD Serono. It is unaffiliated with Merck & Co., Inc., which holds the MERCK trademark in those two countries.
What the Silence Therapeutics Acquisition Means for Patients and Investors
For investors, the headline is the 82% premium and the cash structure of the Silence Therapeutics acquisition. Shareholders must still approve it, and regulatory clearances are pending. For patients with PV, the relevant point is the development path. Merck KGaA says it will accelerate Phase 3 development of Divesiran, a therapy aimed at reducing the need for frequent phlebotomies. No approval has been granted, and the announcement does not guarantee one.
Several details are not disclosed in the announcement. These include the Phase 3 start date, the amount of new debt, any contingent value rights or milestone payments, and expected regulatory submission timelines. This report relies solely on the Merck KGaA, Darmstadt, Germany press release dated 19 October 2026. The company states that the release is informational only and is not an offer to purchase securities or a solicitation of votes or approvals. Readers should treat the Silence Therapeutics acquisition as pending until closing is confirmed.
