Silence Therapeutics plc, (NASDAQ: SLN) shares moved higher Friday, as the experienced and innovative biotechnology company announced that the initiation by AstraZeneca of a phase 1 clinical trial of the first product candidate under its siRNA (short interfering RNA) collaboration, has triggered a $10.0 million milestone payment to Silence.
“This represents the first clinical milestone under our collaboration with AstraZeneca and the third program to enter the clinic from our mRNAi GOLD™ platform,” said Silence CEO Craig Tooman.
“This is a very exciting time for Silence as we are beginning to establish ourselves as a platform company progressing multiple clinical programs targeting both rare and common genetic diseases. In addition to this great achievement under our collaboration with AstraZeneca, we are also pleased with the continued advancement of our proprietary pipeline with encouraging clinical data now emerging from our zerlasiran program in high Lp(a) and divesiran program in polycythemia vera.”
Under the agreement, AstraZeneca will pay Silence an option fee of $10 million for each selected target at the point of candidate nomination. The deal covers up to ten targets. For each target selected, Silence is eligible for up to $140 million in development milestones and up to $250 million in commercialization milestones as well as tiered royalties on net sales ranging from high single digit to low double digit.
SLN shares gained 78 cents or 3.4%, to $23.85.
