This is the latest installment in a new series where BioPharma Dive uses data visualization to recap what’s going on across the industry. Today, we’re looking at the rising interest in companies developing RNA interference drugs that has led to greater investments and elevated purchase premiums.

After a yearslong lull, the biotech industry is now experiencing an initial public offerings boom. More than two dozen companies have gone public this year, according to BioPharma Dive data. Those companies are working on an array of medicines that have either shown potential in the clinic or are believed to perform better than currently used therapies.

Particularly noteworthy is that, after more than a decade of little interest, investors have leaned into a specific type of therapeutic approach — RNA interference, or RNAi — which tries to inhibit the body from producing problematic proteins.

RNAi medicine developers ADARx Pharmaceuticals and City Therapeutics each recently landed spots on the Nasdaq. ADARx, which IPO’d in September, was the first RNAi drug developer to go public since 2014. It raised one of the largest offerings of the year at $446 million.

Following that move, some on Wall Street predicted bullish numbers for ADARx, which has a prospect called onvuzosiran in late-stage testing of patients with the rare swelling disorder hereditary angioedema. TD Cowen analyst Tyler Van Buren predicted a “modest” $14 billion in combined 2040 sales. He added, in a note sent to clients Tuesday, the interest in the company stemmed from its experienced RNAi leadership team and differentiated platforms.

After more than a decade of little activity, two companies promising novel RNAi therapies have gone public this year

Before launching on the Nasdaq, City raised $100 million in a Series B funding round. That amount was the second largest amount raised by RNA drug startups, falling right behind AusperBio Therapeutics. AusperBio landed $120 million in a Series C round in August, a reflection of how up-and-comers in this space have been able to secure buy-in from venture capitalists.

Pharma has also staked bigger bets on RNAi. This week, Merck KGaA wagered over $1 billion on the space with its buyout of the U.K.-based Silence Therapeutics. That deal offered a 130% premium over Silence’s closing price, the second-highest this year among larger biopharma transactions.

Five RNAi startups secured buy-in from venture capitalists this year, including City Therapeutics before going public

The second biggest purchase premium came from a $1B+ buyout of RNAi drug developer Silence Therapeutics

William Blair analysts wrote to clients Monday that the deal is aligned with the firm’s fair value of Silence shares. Though Merck will face competition from Takeda Pharmaceutical and Protagonist Therapeutics’ medicine Mimrylo, the deal locks in value for shareholders and “takes the execution risk off the table.”