Portfolio company Silence acquired by Merck KGaA

INTERNATIONAL BIOTECHNOLOGY TRUST PLC ("IBT")

IBT portfolio company Silence to be acquired by Merck KGaA

IBT notes the announcement today that Silence Therapeutics (Silence) has entered into a definitive agreement to be acquired by Merck KGaA (Merck).

Silence is a UK-based global clinical-stage biotechnology company developing precision engineered medicines using its proprietary SiRNA (short interfering RNA) technology. Divesiran, the company's most advanced program, has the FDA's Fast Track and Orphan Drug designations for the treatment of polycythemia vera (PV), a rare form of blood cancer.

Under the terms of the agreement, Silence shareholders will receive $20 per share in cash at closing, representing a premium of approximately 130% to Silence's closing share price on 16 October. As at close of business on 16 October, Silence represented 0.7% of IBT's Net Asset Value, as included in IBT's daily NAV update on 19 October.

Commenting on the news, Ailsa Craig and Marek Poszepczynski, portfolio managers of IBT, said:

"The pharmaceutical sector's shopping spree for biotech companies continues, with pharma firms willing to pay significant premiums for innovative biotech businesses in the face of a historic wave of patent expiries in the coming years.

We have now seen nine portfolio companies acquired so far in 2026, matching the total for 2025 and showing the effectiveness of our stock selection process, which evaluates biotech companies through the same lens as potential acquirers. The structural drivers of M&A remain firmly in place, as the acquisitions we have seen this year only scratch the surface of the pharmaceutical sector's patent cliff."

The updated valuation of IBT's holding in Silence will be included in IBT's NAV as at close of business on 19 October, to be reported in the usual way on 20 October. 

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