Silence Therapeutics plc, (LON:SLN) a leader in the discovery, delivery, and development of novel RNA therapeutics for the treatment of serious diseases with unmet medical need, announced today that it has sold a further part of its holding of common shares in Arrowhead Pharmaceuticals Inc. (NASDAQ:ARWR).
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 (£9.2 million at an exchange rate of £1=$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 £8.55 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 (£17.2 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 £8.7 million. The Company will use the proceeds from the sale of the common shares to fund the Company’s working capital requirements.
Silence Therapeutics plc 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.
