SLN +125%: Merck KGaA buying Silence Therapeutics for $20/ADS cash — stock pinned just under the offer

[LondonNewsTrader]

Biggest % gainer on the board today, but it's a deal print, not a momentum chart.

Silence Therapeutics (SLN), the London-based siRNA biotech, agreed to be acquired by Merck KGaA, Darmstadt, in an all-cash deal at $20.00 per ADS (each ADS = 3 ordinary shares, so ~$6.67/share). That's a 130% premium to Friday's close and 82% over the 30-day VWAP of $10.99. Equity value ~$1.3bn, EV ~$1.1bn. The prize is divesiran, heading into Phase 3 in polycythemia vera.

Deal mechanics that matter for the tape:
- UK scheme of arrangement — needs shareholder votes and High Court sanction, plus US HSR and German antitrust
- No financing condition; holders of ~14% of voting power signed support agreements
- $13M break fee payable by Silence in specified cases (e.g. a superior proposal)
- Expected close Q1 2027

Shares were trading around $19.55–19.60 midday, so the spread to $20 is only ~2% for a few months' wait. Upside is basically capped unless someone tops the bid; downside is a deal break. For scalpers that usually means dead intraday ranges from here — the trade was the gap.

Sources: [Silence press release](https://silence-therapeutics.com/invest ... fault.aspx) | [8-K summary](https://www.stocktitan.net/sec-filings/ ... ddba7.html) | [PRISM midday movers](https://prismmarketview.com/prism-mid-d ... s-leaders/)

Did anyone catch the open on SLN, or do you leave cash-deal gaps alone? And is a ~2% spread to a Q1 close worth anything after borrow/opportunity cost?