Silence Therapeutics sells more of its holding in Arrowhead
RNA-based therapeutics discovery and development company Silence Therapeutics has sold a further part of its holding of common shares in Arrowhead Pharmaceuticals, it announced on Monday.
The AIM-traded firm had purchased 6,831,359 common shares of Arrowhead for a total consideration of $11.3m, as it announced on 13 January 2017, then representing 9.21% of Arrowhead.
At the company's last balance sheet date on 30 June, the shareholding was marked-to-market and valued at £8.55m as an available-for-sale financial asset.
Since its update on 4 December, Silence had sold a further 2,005,111 common shares for an average selling price of $3.58.
The company said it still holds 2,790,202 common shares, representing 3.73% of Arrowhead.
“In total, the company has now sold 4,041,157 common shares on the open market realising proceeds of $14.7m,” the Silence board confirmed in its statement.
The average purchase price per common share was $1.65 and the average selling price of the 4,041,157 common shares sold was $3.63.
Silence said the total profit recorded was therefore $8m, or £5.5m.
It added that it would use the proceeds from the sale of the common shares to fund its working capital requirements.
“Silence 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,” the board added.