UK-based Silence Therapeutics plc (Nasdaq: SLN) announced the closing of an upsized public offering of American Depositary Shares (ADSs), raising approximately USD 201.3 million in gross proceeds to fund Phase III development of its lead siRNA asset divesiran following positive Phase II data reported days before the offering priced.
The offering comprised 14,907,407 ADSs at USD 13.50 per ADS, each representing three ordinary shares, and includes the full exercise by underwriters of their option to purchase an additional 1,944,444 ADSs. The base offering had been priced at USD 175 million; the overallotment exercise added approximately USD 26.3 million, bringing total gross proceeds to USD 201.3 million before deducting underwriting discounts, commissions, and other offering expenses. Silence held USD 147.3 million in cash, cash equivalents, and short-term investments as of December 31, 2024, prior to this raise.
Divesiran, a short interfering RNA (siRNA) therapy targeting TMPRSS6 to suppress excess red blood cell production, met the primary endpoint of the Phase II SANRECO trial in phlebotomy-dependent polycythemia vera (PV) patients, reporting an 88% clinical response rate versus 19% on placebo at weeks 18–36, with statistical significance at p<0.0001. Silence has stated it plans to initiate a Phase III PV trial evaluating divesiran at a Q12W dosing schedule in 1H 2027. The company's second wholly owned clinical-stage asset, zerlasiran, a siRNA targeting the LPA gene to reduce lipoprotein(a) in cardiovascular disease, completed Phase II with greater than 80% median Lp(a) reductions but will not advance to Phase III without a partner, following Hansoh Pharma's exit from a prior collaboration in 2024. SLN312, an ANGPTL3-targeting siRNA repatriated from AstraZeneca after Phase I completion, represents a third clinical program with development plans under evaluation.
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