Silence Therapeutics Posts $0.08 Per-Share Loss Ahead of Merck’s $1.3 Billion Acquisition
Key Facts
Silence Therapeutics posted a basic and diluted loss per share of $0.08 in the third quarter of 2026, according to the company’s results. The figures come as the company prepares to become part of Merck KGaA under a cash acquisition agreement announced on October 19, 2026. The deal values the equity at about $1.3 billion, while the enterprise value is $1.1 billion. Merck offered to pay $20.00 in cash for each of the company’s American depositary receipts. The agreement is the main context for reading results from a company developing small interfering RNA medicines, while completion remains subject to the deal’s conditions.
The conditions for closing include approval by Silence shareholders, sanction by the High Court of Justice of England and Wales, regulatory approvals and customary closing conditions, according to the company’s statement. Silence expects the deal to close in the first quarter of 2027, making that a milestone for shareholders following the cash offer announcement. The $20.00-per-receipt consideration provides a clear measure of the offer, with each receipt representing three ordinary shares. The equity valuation of about $1.3 billion also places the company’s value within the deal framework, against an enterprise value of $1.1 billion. These figures remain tied to an announced transaction, as the transfer of ownership depends on the specified approvals and procedures.
On the research front, the divesiran program was a prominent focus of company updates in 2026, as Silence completed dosing in June for 48 patients dependent on phlebotomy for the treatment of polycythemia vera in the Phase 2 SANRECO trial. The trial evaluated two dosing schedules, every six weeks and every 12 weeks, according to the company’s June update. The company said at the time that initial trial results were still targeted for August 2026. Silence later described the Phase 2 data for divesiran as having potentially best-in-class efficacy and said the agreement with Merck reflected progress in developing its differentiated portfolio of small interfering RNA therapies. It added that Merck could accelerate the Phase 3 development of divesiran, linking the deal to the drug’s research path.
The available financial comparison dates to the second quarter, when Silence reported a net loss of $12.3 million, or $0.09 per share, for the three months ended June 30, 2026. The loss in the corresponding period of 2025 was $27.4 million, or $0.19 per share. These figures put second-quarter performance in context ahead of the company’s third-quarter announcement, but do not provide a direct comparison between the quarterly and net losses for the two quarters. The third-quarter loss per share of $0.08 is the figure reported in the current news. The financial performance also remains linked to developments in the deal and the company’s research programs, as it expects the acquisition to be completed in the first quarter of 2027.
The company’s research program also includes zerlasiran, which the developments coverage said had completed Phase 3 readiness, alongside a decline in research and development spending. Divesiran, meanwhile, remains a focus of upcoming developments in polycythemia vera, the condition targeted by the SANRECO program. Silence says a Phase 3 study of the drug is planned for 2027. This follows completion of dosing in the Phase 2 trial involving 48 patients and the June update on the two dosing schedules and initial results targeted for August 2026. The planned Phase 3 timing is set to define the program’s next research step, while the expected closing of the Merck deal in the first quarter of 2027 remains subject to the required approvals.