Merck KGaA to Buy Silence Therapeutics for $1.3B in Cash

Merck KGaA, Darmstadt, Germany, has agreed to buy UK biotech Silence Therapeutics for about $1.3 billion in cash. Silence announced the deal on October 19, 2026. The main asset is divesiran, an RNA drug for the rare blood cancer polycythemia vera.

What happened

According to Silence's release, Merck KGaA will pay $20.00 in cash for each American depositary share. Each ADS represents three ordinary Silence shares. The deal puts an equity value of about $1.3 billion on the company and an enterprise value of $1.1 billion.

The price is a 130% premium to the October 16 closing price, the release said. It is also an 82% premium to the 30-day volume-weighted average price of $10.99.

• Structure: an all-cash UK scheme of arrangement, which needs Silence shareholder approval and sanction by the High Court of Justice of England and Wales.
• Support: holders of about 14% of Silence's voting power have signed an agreement to vote for the deal. The Silence board approved it unanimously.
• Timing: closing is expected in the first quarter of 2027, subject to regulatory approvals and other usual conditions.

Divesiran is a small interfering RNA (siRNA) drug. It silences TMPRSS6, a gene expressed almost only in the liver. The aim is to raise hepcidin, the hormone that controls iron, so the bone marrow makes fewer red blood cells. The drug holds FDA Fast Track and Orphan Drug designations in polycythemia vera.

Fierce Biotech reported that in a phase 2 study shared in August, 88% of patients met response criteria between Weeks 18 and 36. The rate was 93.8% with dosing every six weeks and 81.3% with dosing every 12 weeks. Silence plans to take the 12-week schedule into phase 3, Fierce said.

Why it matters

Polycythemia vera causes the body to make too many red blood cells, which raises the risk of blood clots. The Silence release notes that hematocrit above 45% is linked to a four times higher rate of death from cardiovascular and thrombotic events. Standard care includes repeated blood draws.

If approved, divesiran would compete with older treatments such as Incyte's Jakafi, BioPharma Dive said. It would also face a newer rival. Takeda and Protagonist Therapeutics won FDA approval for Mimrylo in polycythemia vera in August. Fierce Biotech said Mimrylo was given as a weekly self-injection in its phase 3 trial. Fierce said Silence was counting on its dosing schedule to make up for Mimrylo's lead.

BioPharma Dive reported that the 130% premium is the second highest this year among the larger deals it tracks. It also noted that Silence had $72 million in cash and equivalents as of June 30. BioPharma Dive noted that Merck KGaA's 2025 purchase of SpringWorks Therapeutics brought in approved products. This deal will instead require it to invest in a phase 3 program, though it has more resources to finish one, the outlet said.

Merck KGaA chief executive Kai Beckmann said the deal "will strengthen our capabilities to serve patients with targeted specialty and rare diseases."

What it means for people in the industry

The sources do not give any plans for Silence staff, sites or hiring. People working in RNA medicines, rare blood disorders and late-stage trial work should watch how Merck KGaA runs the divesiran phase 3 program once the deal closes. Agios Pharmaceuticals is developing a drug that targets the same gene, BioPharma Dive said.

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Sources

• Silence Therapeutics Enters into Agreement to be Acquired by Merck KGaA, Darmstadt, Germany, Silence Therapeutics press release
• Merck KGaA buys Silence in $1.3B deal after siRNA drug's phase 2 blood cancer win, Fierce Biotech
• Merck KGaA bets on RNAi with $1.3B Silence buyout, BioPharma Dive