In total, Silence Therapeutics has now sold 6,358,850 Arrowhead shares on the open market, realising proceeds of US$23.0mln (£17.2mln)
Silence Therapeutics plc () said it has sold 2,317,693 shares in Arrowhead Pharmaceuticals Inc.() for an average price of US$3.60, reducing its holding in Arrowhead to 0.63%.
In total, Silence Therapeutics has now sold 6,358,850 Arrowhead shares on the open market, realising proceeds of US$23.0mln (£17.2mln). The average purchase price per share was US$1.65 and the average selling price of the 6,358,850 shares sold was US$3.62. The total profit recorded is therefore US$12.5mln, or £8.7mln.
The company will use the proceeds from the sale to fund working capital requirements.
Silence said it has determined that it may be advantageous to liquidate portions or all of its remaining holding of Arrowhead shares from time to time in an orderly manner consistent with prudent management of its investment.
The Company still holds 472,509 common shares which represents 0.63% of Arrowhead.
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