Silence Therapeutics has priced an underwritten public offering of 12,962,963 American depositary shares (ADSs) at $13.50 per ADS, upsized from the $150 million initial public offering it proposed a day before, the company said in an August 11, 2026 announcement.¹ The offering is expected to generate approximately $175 million in gross proceeds and is expected to close on or about August 13, 2026, subject to customary closing conditions.¹
Key facts
- Company: Silence Therapeutics plc (Nasdaq: SLN)
- Offering: 12,962,963 ADSs at $13.50/ADS (~$175 million gross)
- Original target: ~$150 million, announced August 10, 2026
- Upsize: ~17% increase over original proposed offering
- Underwriters: Jefferies, Morgan Stanley, Cantor, William Blair
- Expected close: On or about August 13, 2026
- Recent clinical milestone: Divesiran phase 2 SANRECO results (88% response vs. 19% placebo)
- Next pipeline milestone: Divesiran phase 3 trial planned for 1H 2027
- Geography: US public offering
How does this compare with the originally proposed offering?
Silence first announced the proposed offering on August 10, 2026, targeting approximately $150 million.² The final pricing upsized that target to approximately $175 million, an increase of roughly 17%.¹,² Jefferies, Morgan Stanley, Cantor, and William Blair are acting as joint book-running managers for the offering.
What does the company do?
Silence Therapeutics is a global clinical-stage biotechnology company developing short interfering RNA (siRNA) therapies built on its proprietary mRNAi GOLD platform, which is designed to precisely target and silence disease-causing genes.¹ The company is advancing a pipeline of siRNA candidates aimed at areas of high unmet need across both rare and common diseases where existing treatments are limited or inadequate.
How does this offering connect to Silence's recent clinical progress?
The offering comes days after Silence reported positive topline phase 2 results for divesiran, its siRNA candidate for polycythemia vera, in which 88% of treated patients achieved a clinical response versus 19% on placebo, a placebo-adjusted rate of 69% (p<0.0001).³ The company said at the time that it plans to initiate a phase 3 trial of divesiran in the first half of 2027, which is the same window in which this offering's proceeds could help fund that next stage of development.³
What are the limitations?
The offering remains subject to customary closing conditions and had not yet closed as of the pricing announcement. Neither release specifies how the proceeds will be allocated across Silence's pipeline programs.
References
- Silence Therapeutics. Silence Therapeutics announces pricing of upsized $175 million underwritten public offering. Press release. Published August 11, 2026. Accessed August 13, 2026. https://silence-therapeutics.com/investors/press-releases/press-releases-details/2026/Silence-Therapeutics-Announces-Pricing-of-Upsized-175-Million-Underwritten-Public-Offering/default.aspx
- Silence Therapeutics. Silence Therapeutics announces proposed public offering of $150 million of American Depositary Shares. Press release. Published August 10, 2026. Accessed August 13, 2026. https://silence-therapeutics.com/investors/press-releases/press-releases-details/2026/Silence-Therapeutics-Announces-Proposed-Public-Offering-of-150-Million-of-American-Depositary-Shares/default.aspx
- Silence Therapeutics. Silence Therapeutics announces positive topline results from phase 2 SANRECO trial of divesiran in polycythemia vera, supporting its potential best-in-class profile. Press release. Published August 10, 2026. Accessed August 13, 2026. https://silence-therapeutics.com/investors/press-releases/press-releases-details/2026/Silence-Therapeutics-Announces-Positive-Topline-Results-from-Phase-2-SANRECO-Trial-of-Divesiran-in-Polycythemia-Vera-Supporting-its-Potential-Best-in-Class-Profile/default.aspx
