ARTICLE | Company News

Silence, Intradigm to merge

December 17, 2009 1:40 AM UTC

Silence Therapeutics plc (LSE:SLN) and Intradigm Corp. (Palo Alto, Calif.) will merge in a stock deal. Silence will issue to Intradigm 79.6 million shares, which are valued at L19.7 million ($32 million) based on Silence's close of 24.75p on Sept. 29, before trading was suspended due to merger discussions.

Silence also proposed to raise L15 million ($24.3 million) through the sale of 65.2 million shares at 23p in a placing and subscription offer. The placing is underwritten by Nomura, which is also advising Silence on the merger. Following the placement and the merger, Intradigm shareholders will own 36.6% of the combined company. The merger and the offering are contingent upon Silence shareholder approval at a meeting scheduled for Jan. 4. ...