Silence Therapeutics Gets $80 Million Investment From AstraZeneca; Shares Surge

By Sabela Ojea

Shares in Silence Therapeutics PLC on Wednesday rose after it agreed a $60 million cash payment and $20 million equity investment from AstraZeneca.

The U.K. biotechnology company said its collaboration with AstraZeneca will focus on small interfering RNA therapeutics for the treatment of cardiovascular, renal, metabolic and respiratory diseases. The companies anticipate beginning work on five targets within the first three years of the collaboration, with AstraZeneca having the option to extend the agreeemnt to a further five targets.

AstraZeneca will pay Silence an option fee of $10 million for each selected target and thereafter for each target selected Silence will be eligible for up to $140 million in development milestones and $250 million in commercialization milestones, as well as tiered royalties on net sales.

Silence Therapeutics said its SLN360 product for the potential treatment of cardiovascular disease is now its priority "as a result of the high and prevalent unmet medical need and the excellent preclinical profile."

It also said that it plans to submit and investigation new drug application with the U.S. Food and Drug Administration in 2020 and start a first in man study to generate interim data around the middle of 2021.

Shares at 0826 GMT were up 129 pence, or 32%, at 535.00 pence.

Write to Sabela Ojea at [e-mail]; @sabelaojeaguix

(END) Dow Jones Newswires

March 25, 2020 04:51 ET (08:51 GMT)

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