Merck KGaA has agreed to acquire UK-based Silence Therapeutics in an all-cash deal, announced October 19, 2026.
The offer is $20 per American Depositary Share (ADS). The deal values Silence at about $1.3 billion in equity value and $1.1 billion in enterprise value; the offer is an 82% premium to its 30-day average share price.
The main pipeline prize is divesiran, an investigational siRNA therapy for phlebotomy-dependent polycythemia vera, a rare blood disorder. It is described as ready for Phase 3 development.
The acquisition would also bring Silence’s siRNA platform and broader pipeline into Merck’s rare-disease portfolio.
The deal is expected to close in the first quarter of 2027, subject to Silence shareholder approval, regulatory clearances, and other customary conditions. Holders representing about 14% of Silence’s voting power have agreed to support it.
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