T-cells attacking cancer cell illustration of microscopic photos

Silence Therapeutics

LN: SLN

£527.5m market cap

590p last close

Silence Therapeutics (SLN) has a portfolio of siRNA drugs in early stage testing. SLN124 for iron overload was recently dosed in the first volunteers of a Phase I study. SLN360 is being developed for cardiovascular disease and recently had its IND approved.

Investment summary

Silence Therapeutics is a developer of RNA-based therapeutics with some of the foundational intellectual property in the space. The value of its platform has been highlighted with recent licensing deals with Mallinckrodt to develop a complement inhibitor, with Takeda to research undisclosed targets, and recently with AstraZeneca to research cardiovascular, renal, metabolic and respiratory targets. This is in addition to the company’s internal pipeline; SLN124 and SLN360 both recently began enrolling patients into Phase I studies.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2018A 0.0 (20.2) (19.8) (25.18) N/A N/A
2019A 0.2 (22.3) (22.3) (27.15) N/A N/A
2020E 6.3 (23.0) (20.5) (20.93) N/A N/A
2021E 10.0 (22.5) (20.9) (20.96) N/A N/A
Industry outlook

RNA therapeutics is an increasingly high-profile sector of the biotechnology industry, now with multiple drug approvals for a range of disorders. We consider the technology in this field to be mature and expect increased interest across the industry to develop new drugs of this class.

Last updated on 26/02/2021
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (£m) 0
Forecast gearing ratio (%) 0
Price performance
%
1m
3m
12m
Actual 1.7 43.6 43.9
Relative* 3.4 39.2 52.7
52-week high/low 642.0p/339.0p
*% relative to local index
Key management
Rob Quinn CFO
Gem Hopkins Head of IR
Iain Ross Executive Chairman