UK-based Silence Therapeutics plc (Nasdaq: SLN) announced the pricing of an upsized underwritten public offering of American Depositary Shares (ADSs), raising USD 175 million in gross proceeds to fund Phase III development of its lead siRNA asset divesiran following positive Phase II data reported two days before the offering priced.
The offering comprises 12,962,963 ADSs priced at USD 13.50 per ADS, each representing three ordinary shares. Underwriters were granted a 30-day option to purchase up to an additional 1,944,444 ADSs at the offering price, which if exercised in full would increase gross proceeds beyond the USD 175 million base figure. The offering was expected to close on or about August 13, 2026. Jefferies, Morgan Stanley, Cantor, and William Blair acted as joint book-running managers. The offering follows a USD 120 million private placement completed in February 2024 at USD 21.00 per ADS, with the current pricing reflecting the company's stock trajectory since that raise.
Divesiran targets TMPRSS6 to elevate hepcidin levels, suppressing excess red blood cell production in polycythemia vera (PV). The Phase II SANRECO trial in 48 phlebotomy-dependent PV patients reported an 88% clinical response rate versus 19% on placebo at weeks 18–36, with the primary endpoint met at p<0.0001. Silence has stated it is planning a Phase III trial in PV. The company's second most advanced wholly owned 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 enter Phase III without a third-party partner, following Hansoh Pharma's exit from a prior collaboration in 2024. SLN312, an ANGPTL3-targeting siRNA being repatriated from AstraZeneca following Phase I completion, represents a third clinical-stage program with data presentations planned at medical congresses in 2026.
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