Silence Therapeutics

LN: SLN

£354.4m market cap

428p last close

Silence Therapeutics (SLN) has a portfolio of siRNA drugs in early stage testing. SLN124 for iron overload is entering the clinic in 2020. SLN360 is being developed for cardiovascular disease and is targeting an IND filed in H220.

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 is entering the clinic in 2020 and an IND is planned for SLN360 later this year.

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) (25.2) N/A N/A
2019A 0.2 (22.3) (22.3) (27.2) N/A N/A
2020E 4.6 (23.9) (23.7) (25.0) N/A N/A
2021E 10.0 (21.0) (20.9) (20.9) 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 15/07/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (£m) 44.5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 0.9 (0.2) 418.8
Relative* (2.4) (11.4) 513.0
52-week high/low 610.0p/82.5p
*% relative to local index
Key management
Rob Quinn CFO
Iain Ross Executive Chairman