3rd Aug 2015 11:16
LONDON (Alliance News) - FTSE 100-listed pharmaceutical giant Shire PLC Monday said it has acquired New York-based Foresight Biotherapetics Inc for USD300 million in cash.
With the acquisition it gets the global rights to late-stage development treatment for infectious conjunctivitis - commonly known as pink eye - FST-100.
Shire says the acquisition strengthens its late-stage pipeline, and has a clear strategic fit with its lifitegrast treatment in late-stage development for dry eye disease.
"Ophthalmics is a highly-attractive growth area for Shire and this acquisition allows us to strengthen our presence in this therapeutic area. It is highly synergistic with the planned lifitegrast commercial structure. FST-100 and lifitegrast, if approved, would address two of the leading reasons people seek eye care treatment," said Chief Executive Officer Flemming Ornskov in a statement.
Shares in Shire were up 0.7% at 5,720.00 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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