Merck KGaA Breaks the Silence With a $1.3 Billion RNAi Deal
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Merck KGaA has agreed to buy Silence Therapeutics, a UK-based biotech, for about $1.3 billion. The German group will pay $20 in cash for each US-listed Silence share, a 130% premium. Among the larger biotech deals tracked this year, that is the second-highest premium, which suggests Merck was in no mood to haggle. Shareholders holding 14% of Silence's voting power have already agreed to support the transaction, and Merck expects it to close in the first quarter of 2027.
One drug, big expectations
The prize is divesiran, an RNA interference drug for polycythemia vera, a rare blood disorder. In a Phase 2 trial, it significantly reduced the number of blood draws patients needed compared with placebo, and more patients kept their red blood cell levels below the threshold that triggers a draw. Wall Street analysts reviewing the data called it potentially "best in class." Cantor Fitzgerald analysts suggested its strong efficacy might mean it does not need a Phase 3 trial as large as the nearly 300-patient study run for a rival therapy.
Divesiran would compete with Mimrylo from Takeda and Protagonist, as well as older treatments such as Incyte's Jakafi. Both divesiran and Mimrylo work by raising levels of hepcidin, a hormone that suppresses iron metabolism.
Why Silence needed a bigger partner
Silence had $72 million in cash as of June 30, which is not much when a Phase 3 program is next on the to-do list. Merck has far deeper pockets. William Blair analyst Myles Minter said the deal "takes the execution risk off the table in an increasingly competitive space."
For Merck, the purchase fits a clear strategic direction. CEO Kai Beckmann said the company aims to transform its pipeline toward areas of high specialization and unmet medical need. It follows Merck's 2025 acquisition of SpringWorks Therapeutics, which brought two approved rare tumor drugs. Silence, it seems, was worth a lot more than the name implies.
Source: Silence Therapeutics Enters into Agreement to be Acquired by Merck KGaA, Darmstadt, Germany