Silence Therapeutics PLC Further Partial Disposal - Arrowhead common shares (3996A)
December 28 2017 - 2:00AM
UK Regulatory
TIDMSLN
RNS Number : 3996A
Silence Therapeutics PLC
28 December 2017
Further Partial Disposal of Arrowhead common shares
28 December 2017
Silence Therapeutics plc, AIM:SLN ("Silence" or "the Company") a
leader in the discovery, delivery, and development of novel RNA
therapeutics for the treatment of serious diseases with unmet
medical need, announces that it has sold a further part of its
holding of common shares in Arrowhead Pharmaceuticals Inc. (NASDAQ:
ARWR) ("Arrowhead").
As per an RNS dated 13 January 2017, Silence had purchased
6,831,359 common shares of Arrowhead for a total consideration of
$11.3 million (GBP9.2 million at an exchange rate of GBP1=$1.234),
then representing 9.21% of Arrowhead. At the Company's last balance
sheet date (30 June 2017) this shareholding was marked-to-market
and valued at GBP8.55 million as an available-for-sale financial
asset.
Since the RNS dated 11 December 2017, Silence has sold a further
2,317,693 common shares for an average selling price of $3.60. The
Company still holds 472,509 common shares which represents 0.63% of
Arrowhead.
In total, the Company has now sold 6,358,850 common shares on
the open market realising proceeds of $23.0 million (GBP17.2
million). The average purchase price per common share was $1.65 and
the average selling price of the 6,358,850 common shares sold was
$3.62. The total profit recorded is therefore $12.5 million, or
GBP8.7 million. The Company will use the proceeds from the sale of
the common shares to fund the Company's working capital
requirements.
Silence has determined it may be advantageous to liquidate
portions or all of its remaining holding of Arrowhead common shares
from time to time in an orderly manner consistent with prudent
management of its investment.
Enquiries:
Silence Therapeutics plc Tel: +44 (0)20
Ali Mortazavi, Chief Executive 3457 6900
Officer
David Ellam, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser Tel: +44 (0)20
and Broker) 7418 8900
James Steel/Oliver Jackson
Media Enquiries: Tel: +44 (0)
Optimum Strategic Communications 20 3714 1788
Mary Clark/ Eva Haas/ Hollie Vile
Notes to Editors
About Silence Therapeutics plc
Silence Therapeutics develops a new generation of medicines by
harnessing the body's natural mechanism of RNA interference, or
RNAi, within its cells. Our proprietary technology can selectively
inhibit any gene in the genome, specifically silencing the
production of disease-causing proteins. Using our enabling delivery
systems, we have achieved an additional level of specificity by
delivering our therapeutic RNA molecules exclusively to target
cells. Silence's proprietary RNA chemistries and delivery systems
are designed to improve the stability of our molecules and enhance
effective delivery to target cells, providing a powerful modular
technology well suited to tackle life-threatening diseases.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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