SLN.L Regulatory News (SLN)

London, UK, 25 March 2020

Edison issues update on Silence Therapeutics (SLN)

Silence Therapeutics announced on 25 March 2020 that it has signed a collaboration agreement with AstraZeneca to develop novel drugs for cardiovascular, renal, metabolic and respiratory diseases. The deal includes an upfront of $60m, $20m in equity investment, and for each of the planned targets $400m in milestones, and high single- to low double-digit royalties. Additionally, the company announced that it would elevate SLN360 to the status of lead asset and expects to file an IND later in 2020 and to have interim results in mid-2021.

We have increased our valuation to £462m or 559p per basic share, from £345m or 440p per basic share. This is driven by the addition of the AstraZeneca deal metrics and its associated cash injections to our models (total £74m value uplift), an increase in the valuation of SLN360 to £167m from £112m and offset by the delay to SLN124 (£129m from £141m).

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