Silence Therapeutics Plc (SLN): Merck KGA to Acquire SLN for Deal Value of $1.3B, Deal Expected to Close in 1Q27

This morning, SLN announced that it has entered into an agreement to be acquired by Merck KGaA in an all-cash transaction with an enterprise value of $1.1 billion and an equity value of approximately $1.3 billion, subject to the satisfaction of customary closing conditions. Under the terms of the agreement, Merck KGaA will acquire all outstanding ordinary shares of Silence. Upon completion of the transaction, Silence shareholders will receive $20.00 in cash per American Depositary Share ("ADS"), with each ADS representing three ordinary shares of Silence (or $6.6667 per ordinary share). The all-cash consideration represents a 130% premium to Silence ADS's closing price on Friday, October 16, 2026 and an 82% premium to the 30-day volume-weighted average price of $10.99. The transaction is expected to close in 1Q27, and is subject to Silence shareholder approval and other customary closing conditions, including regulatory approvals. SLN is a clinical stage biotech company developing siRN