Merck agrees to $1.3 billion Silence acquisition

• Merck KGaA agreed to acquire Silence Therapeutics for $20 per American Depositary Share (ADS), valuing the biotechnology company at approximately $1.3 billion in equity.
• The offer represents an 82% premium to Silence Therapeutics' 30-day volume-weighted average price of $10.99 as of October 16, 2026, with an enterprise value of approximately $1.1 billion.
• Merck expects the acquisition to strengthen its rare disease pipeline through Divesiran, an investigational treatment for polycythemia vera, with closing targeted for Q1 2027.

Merck (NYSE:MRK) agreed to acquire Silence Therapeutics (NASDAQ:SLN) for $20 per ADS, valuing its equity at approximately $1.3 billion.

The cash offer represents an 82% premium to Silence's $10.99 30-day average price, with enterprise value estimated at US$1.1 billion.

Merck will finance the transaction through new debt, while shareholders representing approximately 14% of Silence's voting power have agreed to support it.

Merck expects the acquisition to close in Q1 2027, subject to shareholder and regulatory approvals.

Silence's investigational Divesiran therapy achieved an 88% response rate versus 19% with placebo in the Phase 2 SANRECO polycythemia vera study.

Merck previously acquired SpringWorks Therapeutics in 2025 and is expanding its specialty medicine portfolio, while Silence employs approximately 80 people across three countries.