Germany’s Merck KGaA agreed to acquire UK-based Silence Therapeutics in an all-cash deal valued at about $1.3 billion, expanding its pipeline in RNA-based medicines. Merck will pay $20 per American depositary share, a premium of roughly 130% to Silence’s prior closing price. The transaction gives Merck access to Silence’s small interfering RNA, or siRNA, platform and a group of drug candidates targeting blood disorders, cardiovascular disease and other conditions.
Why Merck wants Silence
RNA medicines can block the production of disease-related proteins by interfering with genetic messages before they are translated into proteins. That approach has become increasingly attractive to large pharmaceutical companies because it can target mechanisms that are difficult to reach with traditional small-molecule drugs.
Silence has built a platform designed to deliver siRNA medicines to the liver, where many disease-related proteins are produced.
Divesiran is the lead asset
Silence’s most advanced program, divesiran, is being developed for phlebotomy-dependent polycythemia vera, a rare blood cancer in which patients produce too many red blood cells.
Mid-stage trial data have shown that the drug can reduce the need for repeated blood removal procedures, a standard treatment for controlling the disease.
Zerlasiran adds cardiovascular potential
Another major asset, zerlasiran, targets lipoprotein(a), a genetically influenced cardiovascular risk factor. High Lp(a) levels are associated with heart attack and stroke risk, and there is growing competition among drugmakers to develop treatments that lower it.
If successful, zerlasiran could give Merck exposure to a much larger commercial market than rare-disease therapies alone.
The price reflects strategic urgency
A 130% premium signals that Merck sees significant value in Silence’s pipeline and platform. Pharmaceutical acquisitions often command large premiums when a buyer believes a target’s technology can produce multiple future medicines.
The premium also reduces the likelihood that shareholders will reject the offer, though competing bids are always possible before completion.
Merck has been active in dealmaking
The Silence transaction would be Merck’s third major acquisition in less than two years, following deals for SpringWorks Therapeutics and Bio-Techne.
The strategy suggests Merck is using external acquisitions to supplement internal research and strengthen areas where it wants faster growth.
RNA therapies are becoming mainstream
RNA drugs were once considered highly experimental because of delivery and stability problems. Advances in chemistry and lipid-based delivery have changed that picture.
Several RNA-based medicines are now approved, and large pharmaceutical groups are competing to secure the next generation of platforms.
Clinical risk remains high
Even promising mid-stage medicines can fail in late-stage trials because of safety, efficacy or manufacturing issues. The acquisition therefore carries substantial development risk.
Merck is effectively paying today for the probability that several Silence programs will eventually reach market.
The deal is expected to close in early 2027
The companies expect the transaction to close in the first quarter of 2027 through a UK scheme of arrangement, subject to shareholder and regulatory approvals.
Until closing, Silence will continue operating as an independent company.
Competition in gene-silencing is intensifying
Companies including Alnylam, Ionis and Novartis have helped establish the commercial potential of RNA-targeting medicines. New entrants are trying to improve dosing frequency, delivery and target selection.
Merck’s acquisition gives it a direct platform rather than relying solely on partnerships.
The strategic question is pipeline conversion
The value of the deal will ultimately depend on whether Merck can turn Silence’s scientific assets into approved products. If divesiran and zerlasiran succeed, the acquisition could build a meaningful new franchise.
If the programs disappoint, the large premium will look expensive. For now, the transaction shows how strongly major drugmakers are competing for RNA technology.
Sources
- Merck and Silence Therapeutics transaction announcement
- Reuters, Oct. 19, 2026
