Silence Therapeutics Upsizes Offering to $175M, Prices at $13.50 After Phase 2 Win
SLN has more than doubled off its 52-week low of $4.19 on elevated volume (4.4× avg).
Summary
Silence Therapeutics has priced its upsized underwritten public offering of 13 million American Depositary Shares (ADSs) at $13.50 per ADS, expecting to raise approximately $175 million in gross proceeds. This represents a 17% increase from the initial $150 million deal launched two days prior, and a 9.3% discount to the last closing price of $14.88. The offering will dilute existing holders by roughly 24% based on the pre-offering market cap of $729 million. This strategic move follows blockbuster Phase 2 SANRECO data for divesiran, allowing the company to capitalize on momentum and substantially strengthen its balance sheet ahead of pivotal development. Underwriters have been granted a 30-day option to purchase up to an additional 1.9 million ADSs at the public offering price. The offering is expected to close on or about August 13, with Jefferies, Morgan Stanley, Cantor, and William Blair acting as joint bookrunners.
Updates
· SEC 424B5 — The 424B5 prospectus supplement sets the offering at 12,962,963 ADSs for $175,000,000.50 gross proceeds, with net proceeds of approximately $164.0 million ($188.7 million if the underwriters' option is fully exercised).
At the time of this announcement, SLN was trading at $14.88 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $728.8M. The 52-week trading range was $4.19 to $17.58. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: BusinessWire.