Merck KGaA, Darmstadt, Germany, agreed on 19 October 2026 to acquire Nasdaq-listed Silence Therapeutics for US$20 per American depositary share in cash, which values the London-based biotech at about US$1.3bn in equity and US$1.1bn in enterprise value.
Why Merck KGaA, Darmstadt, Germany is buying Silence Therapeutics plc
The deal adds divesiran, an siRNA candidate for polycythemia vera, and Silence's mRNAi GOLD platform to Merck's rare disease pipeline. Silence said the agreement followed a competitive sale process and came after phase 2 data for divesiran. Merck will take the drug into phase 3 development.
Deal terms and financing
Each ADS represents three ordinary shares, so the offer equals about US$6.67 per ordinary share. It is an 82% premium to the 30-day volume-weighted average price of US$10.99 as of 16 October 2026. Merck will fund the purchase with new debt. Securityholders with about 14% of Silence's voting power have signed voting and support agreements.
Regulatory approvals and timing
The acquisition will be implemented by a UK scheme of arrangement and needs Silence shareholder approval, sanction by the High Court of England and Wales and regulatory clearances. Completion is expected in the first quarter of 2027.
Market context
Silence's board and Merck's relevant corporate bodies approved the deal unanimously. The two companies will operate independently until completion.
