Silence Therapeutics - Solving disease by targeting genes with siRNA

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.