Merck KGaA to buy Silence Therapeutics in all-cash deal

Merck KGaA (MKGAY) (MKGAF) has agreed to acquire Silence Therapeutics (SLN) in an all-cash deal with an enterprise value of $1.1B and an equity value of ~$1.3B.

Under the agreement, Silence shareholders will receive $20 in cash per American Depositary Share (ADS), representing a 130% premium to the ADS’s closing price on October 16, 2026, and an 82% premium to its 30-day volume-weighted average price of $10.99.

The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions.

Silence is advancing a growing pipeline of siRNA product candidates targeting areas of high unmet need across rare and common diseases.

“The planned acquisition of Silence Therapeutics (SLN) will strengthen our capabilities to serve patients with targeted specialty and rare diseases," said Kai Beckmann, Chairman of the Executive Board and Group CEO of Merck KGaA, Darmstadt, Germany. "Following the acquisition of SpringWorks Therapeutics last year, we continue to transform our pipeline toward areas of high specialization and unmet medical need, with an ongoing commitment to external innovation. The proposed transaction follows Merck KGaA, Darmstadt, Germany's strategic priority to address attractive end markets also through M&A, creating value over the mid- to long-term.”

SLN shares rose nearly 5% premarket.

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