11 Dec 2017 07:00
Further Partial Disposal of Arrowhead common shares
11 December 2017
Silence Therapeutics plc, AIM:SLN ("Silence" or "the Company") a leader in the discovery, delivery, and development of novel RNA therapeutics for the treatment of serious diseases with unmet medical need, announces that it has sold a further part of its holding of common shares in Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) ("Arrowhead").
As per an RNS dated 13th January 2017, Silence had purchased 6,831,359 common shares of Arrowhead for a total consideration of $11.3 million (£9.2 million at an exchange rate of £1=$1.234), then representing 9.21% of Arrowhead. At the Company's last balance sheet date (30 June 2017) this shareholding was marked-to-market and valued at £8.55 million as an available-for-sale financial asset.
Since the RNS dated 4 December 2017, Silence has sold a further 2,005,111 common shares for an average selling price of $3.58. The Company still holds 2,790,202 common shares which represents 3.73% of Arrowhead.
In total, the Company has now sold 4,041,157 common shares on the open market realising proceeds of $14.7 million (£11.0 million). The average purchase price per common share was $1.65 and the average selling price of the 4,041,157 common shares sold was $3.63. The total profit recorded is therefore $8.0 million, or £5.5 million. The Company will use the proceeds from the sale of the common shares to fund the Company's working capital requirements.
Silence has determined it may be advantageous to liquidate portions or all of its remaining holding of Arrowhead common shares from time to time in an orderly manner consistent with prudent management of its investment.
Enquiries:
Silence Therapeutics plc Ali Mortazavi, Chief Executive Officer David Ellam, Chief Financial Officer | Tel: +44 (0)20 3457 6900 |
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Peel Hunt LLP (Nominated Adviser and Broker) James Steel/Oliver Jackson
| Tel: +44 (0)20 7418 8900 |
Media Enquiries Optimum Strategic Communications Mary Clark/ Eva Haas/Hollie Vile
| Tel: +44 (0) 20 3714 1788 |
Notes to Editors
About Silence Therapeutics plc
Silence Therapeutics develops a new generation of medicines by harnessing the body's natural mechanism of RNA interference, or RNAi, within its cells. Our proprietary technology can selectively inhibit any gene in the genome, specifically silencing the production of disease-causing proteins. Using our enabling delivery systems, we have achieved an additional level of specificity by delivering our therapeutic RNA molecules exclusively to target cells. Silence's proprietary RNA chemistries and delivery systems are designed to improve the stability of our molecules and enhance effective delivery to target cells, providing a powerful modular technology well suited to tackle life-threatening diseases.