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Silence Therapeutics offloads a slug of its Arrowhead holding at significant profit

In January it paid £9.2mln for 6.83mln Arrowhead shares
man at a trading screen
Deal done: Proceeds from the share trade will fund the firm's working capital requirements

Silence Therapeutics PLC(LON:SLN) has sold a 30% stake in fellow RNA interference specialist Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR) at a £2.9mln profit.

In January, it paid £9.2mln for 6.83mln Arrowhead shares. In a recent deal, it offloaded 2.036mln shares for £5.6mln, booking the gain in the process.

READ: Silence Therapeutics' value climbs as it looks for IP redress

Proceeds will be used to fund Silence’s working capital requirements.

Chief executive Ali Mortazavi said: "Our balance sheet has been strengthened by the addition of £5.6mln in cash received from the partial sale of this stake in Arrowhead. 

READ: Silence Therapeutics serves its defence in legal spat with Alnylam Pharmaceuticals

“As a biotech company focused on both our platform and our developing pipeline, we believe that this cash receipt will enable us to maintain our focus as we advance products towards the clinic.” 

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