$150M Public Offering Announced Days After Positive Phase 2 Data
SLN has more than doubled off its 52-week low of $4.19 on elevated volume (23× avg).
Summary
Silence Therapeutics is launching a $150 million underwritten public offering of ADSs, just hours after reporting blockbuster Phase 2 data for divesiran. The offering is separate from the $100 million ATM program activated in May and comes with a 15% underwriter option. With a market cap around $564 million, this raise is highly dilutive—roughly 27% of current market cap. The timing is aggressive: the company had $72.1 million in cash as of Q2 and just extended its runway into 2028, so the urgency suggests management wants to capitalize on the stock's post-data pop. The offering is being led by Jefferies, Morgan Stanley, Cantor, and William Blair. Pricing and final terms are pending, but the size alone will pressure the stock.
Updates
· SEC 424B5 — The 424B5 prospectus supplement sets the offering at $150 million of ADSs, each representing three ordinary shares, with a 30-day underwriter option for additional ADSs. Joint bookrunners are Jefferies, Morgan Stanley, Cantor, and William Blair.
At the time of this announcement, SLN was trading at $15.43 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $564.5M. The 52-week trading range was $4.19 to $17.58. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: BusinessWire.