London, UK, 9 January 2020
Edison issues initiation on Silence Therapeutics (SLN)
We are initiating coverage of Silence Therapeutics (SLN), a developer of siRNA drugs for diseases that can be genetically targeted. Silence has a proprietary platform for developing siRNA therapeutics, the strength of which was highlighted by preclinical development deals with Mallinckrodt and Takeda (details below). The company will also be re-entering the clinic in Q120 with SLN124, its own drug for iron overload. We are initiating with a valuation of £345m or 440p per share.
Our initial valuation of £345m or 440p per share is based on a risk-adjusted NPV analysis of the firm's assets and revenue streams and is driven primarily by our valuation of SLN124 (£141m). We forecast that it will require £105m in additional capital to reach profitability in 2026, offset by potential business development deals.
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