Silence Thera receives takeover approach from unnamed drug firm

UK-based drug developer Silence Therapeutics (AIM: SLN) saw its share price skyrocket 76% to 12.75 pence by close of London trading yesterday, after the firm revealed that it has received a takeover approach from an unnamed company.

In a disclosure to the London Stock Exchange in response to activity in its shares, the company made clear that the offer may not lead to a sale, but said it would make a further announcement in due course,

The UK biotech firm has been the subject of previous acquisition rumors as a likely target for one of its Big Pharma licensing partners, including Anglo-Swedish drug major AstraZeneca which was recently extended (The Pharma Letter July 14). The group also has a collaboration agreement with Japanese group Dainippon Sumitomo Pharma. Additionally, Silence' partner, Quark Pharmaceuticals, has granted an option to Swiss major Novartis to obtain an exclusive worldwide license to develop and commercialize QPI-1002, a p53 temporary inhibitor siRNA drug which incorporates Silence's AtuRNAi technology.