Merck KGaA agrees to acquire Silence Therapeutics in $1.3B deal

Merck KGaA agreed to acquire Silence Therapeutics for $20.00 per ADS in cash ($6.6667 per ordinary share), about $1.3 billion equity value and $1.1 billion enterprise value. Announced before the Oct. 19, 2026 open, Silence shares surged 125% to 126%. The offer is an 82% premium to the 30-day VWAP of $10.99 and 130% to the Oct. 16 close. Iain Ross said the deal "delivers significant, immediate and certain value to our shareholders," called divesiran "potentially best-in-class," and said Merck can "accelerate its Phase 3 development." Divesiran, dosed every 12 weeks, silences TMPRSS6 to raise hepcidin and limit iron availability. Phase 2 SANRECO showed 88% response versus 19% placebo and 0.2 versus 2.1 blood draws through week 36. Danny Bar-Zohar called it "an entry point into hematology." Kai Beckmann tied it to the SpringWorks acquisition and M&A for attractive end markets. William Blair said the deal makes sense for ADS holders given interest in divesiran in polycythemia vera, calling results "best-in-field." Takeda's Mimrylo won PV approval in August 2026 with $1-2 billion peak sales forecast. Silence raised $175 million at $13.50 per ADS that August. About 14% of voting power is committed; close is expected in Q1 2027 pending approvals.