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Silence Therapeutics receives $2 million from Hansoh Pharma

EditorNatashya Angelica
Published 06/24/2024, 12:46 PM

LONDON - Silence Therapeutics plc (NASDAQ:SLN), a biotechnology firm specializing in RNA interference (RNAi) therapies, has achieved a $2.0 million milestone payment from Hansoh Pharmaceutical Group Company Limited. This payment marks the second milestone in their partnership to develop short interfering RNAs (siRNAs) using Silence's mRNAi GOLD™ platform.

The collaboration, which began in October 2021, focuses on three undisclosed targets for therapeutic development. Silence retains exclusive rights for the first two targets in all regions except China, where Hansoh has the option to license.

Hansoh also holds global rights to the third target. With an initial $16 million upfront payment, Silence could receive up to $1.3 billion in potential milestones, plus royalties on Hansoh's net product sales.

Craig Tooman, President and CEO of Silence, expressed enthusiasm about advancing the program into clinical stages and expanding the pipeline for various genetic diseases. Today's announcement signifies the fourth research milestone payment under the companies' agreement.

Silence Therapeutics aims to create a new generation of medicines by silencing disease-causing genes. Their proprietary mRNAi GOLD™ platform is designed to target and silence specific genes in the liver, offering treatment opportunities for conditions with unmet medical needs. The company's portfolio includes product candidates like zerlasiran and divesiran, targeting cardiovascular and rare hematological diseases respectively.

The company's forward-looking statements caution that actual results may vary due to factors such as clinical trial outcomes, regulatory processes, and market conditions. Their most recent Annual Report filed with the SEC on March 13, 2024, details these risks and uncertainties.

The information for this article is based on a press release statement from Silence Therapeutics plc.

In other recent news, Silence Therapeutics, a biotech firm, has reported encouraging results from its phase 2 study of zerlasiran, a potential treatment for cardiovascular disease. The study demonstrated a significant reduction in lipoprotein(a) or Lp(a) levels, a genetic risk factor for cardiovascular disease. The company plans to advance zerlasiran into phase 3 trials, targeting a major unmet need in cardiovascular disease treatment.

In the realm of personnel changes, Silence Therapeutics announced the retirement of board member Alistair Gray, who has been a part of the company's evolution since 2015. In the analyst community, BMO Capital Markets and H.C. Wainwright & Co maintain positive ratings on Silence Therapeutics, with price targets of $67.00 and $75.00 respectively, largely due to the potential of the company's drug candidate, Divesiran, in treating Polycythemia Vera (PV), a blood disorder.

The company also boasts a robust financial position, with over $200M expected to last into 2026, enabling continued development and potential commercialization of its therapies. These are recent developments that highlight the company's ongoing efforts in the biotechnology sector.

InvestingPro Insights

Silence Therapeutics plc (NASDAQ:SLN) recently celebrated a milestone in their partnership with Hansoh Pharmaceutical, but what does the financial landscape look like for this innovative biotechnology firm? With a market capitalization of $915.99 million, Silence Therapeutics is navigating a competitive space with a distinctive technology platform. According to InvestingPro data, the company has seen a robust revenue growth of 14.05% over the last twelve months as of Q1 2024, indicating a positive trajectory in sales.

Despite the company's promising technology and partnerships, analysts have concerns regarding profitability. InvestingPro Tips suggest that Silence Therapeutics is not expected to be profitable this year, with a negative P/E ratio of -17.39. This is further reflected in the adjusted P/E ratio for the last twelve months as of Q1 2024, which stands at -20.73. Nonetheless, the company's liquid assets surpass its short-term obligations, which could imply a degree of financial stability in the near term.

Investors looking for growth might be intrigued by the company's impressive one-year price total return of 195.49%, a testament to its high return over the past year. However, the company is trading at a high Price / Book multiple of 5.85, which could suggest that its stock is priced at a premium compared to its book value. Moreover, Silence Therapeutics does not pay a dividend, focusing instead on reinvesting earnings back into its research and development efforts.

For those interested in a deeper dive into the financials and future of Silence Therapeutics, InvestingPro offers a wealth of additional tips. With the use of coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to exclusive insights that could help in making more informed investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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