LONDON - Silence Therapeutics plc (NASDAQ:SLN), a biotechnology firm specializing in RNA interference (RNAi) for disease treatment, announced today that it has received a $10 million milestone payment. This payment was triggered by AstraZeneca (NASDAQ:AZN)'s initiation of a phase 1 clinical trial for the first product candidate from their siRNA collaboration.
The milestone marks a significant step in the partnership established in March 2020, which aims to develop siRNA therapeutics targeting cardiovascular, renal, metabolic, and respiratory diseases using Silence's proprietary mRNAi GOLD™ platform. This collaboration could potentially cover up to ten targets, with Silence eligible for up to $140 million in development milestones and up to $250 million in commercialization milestones per target, plus tiered royalties on net sales.
Craig Tooman, President and CEO of Silence, expressed excitement about the milestone, emphasizing its importance in the company's growth as a platform company advancing clinical programs. Silence is also advancing its proprietary pipeline, with positive clinical data emerging from its programs targeting high lipoprotein(a) levels and polycythemia vera.
Regina Fritsche Danielson, a senior executive at AstraZeneca, underscored the collaboration's goal to develop innovative therapies for complex diseases. The partnership reflects both companies' commitment to addressing unmet medical needs in various disease areas.
Silence Therapeutics' approach involves creating siRNAs that precisely target and silence genes associated with disease pathology. The company has wholly owned product candidates, including SLN360 for cardiovascular risk reduction and divesiran for hematological diseases.
This news is based on a press release statement.
InvestingPro Insights
As Silence Therapeutics celebrates its recent milestone payment from AstraZeneca, it's worth noting the financial health and market position of its partner, AstraZeneca (NASDAQ:AZN). According to InvestingPro data, AstraZeneca boasts a robust market capitalization of $199.02 billion, underscoring its significant presence in the pharmaceutical industry. With a P/E ratio of 25.27 for the last twelve months as of Q4 2023, the company is trading at a valuation that reflects its earnings potential. Furthermore, AstraZeneca's revenue growth for the same period was 3.29%, indicating a steady increase in its financial performance.
Two InvestingPro Tips that are particularly relevant to AstraZeneca's collaboration with Silence Therapeutics are:
1. AstraZeneca is expected to see net income growth this year, which could be a positive sign for the potential financial outcomes of its partnerships, including the one with Silence Therapeutics.
2. The company has been a prominent player in the Pharmaceuticals industry, which may provide a stable platform for the development and commercialization of new therapeutics resulting from its collaboration with Silence.
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