Silence Therapeutics

LN: SLN

£374.6m market cap

478p last close

Silence Therapeutics (SLN) has a portfolio of siRNA drugs in early stage testing. SLN124 for iron overload is the most advanced and is entering the clinic in Q120. SLN360 is being developed for cardiovascular disease and is targeting an IND filed in H220.

Investment summary

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.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 0.0 (14.0) (13.5) (7.72) N/A N/A
2018A 0.0 (20.2) (19.8) (25.18) N/A N/A
2019E 2.1 (18.1) (17.8) (20.37) N/A N/A
2020E 21.9 (6.5) (6.2) (6.50) 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 26/03/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (£m) 33.5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 16.6 18.9 1065.9
Relative* 44 58.5 1341.9
52-week high/low 610.0p/42.4p
*% relative to local index
Key management
Rob Quinn CFO
Iain Ross Executive Chairman