24th Feb 2015 12:17
LONDON (Alliance News) - Shire PLC said Tuesday that it has acquired privately-held Meritage Pharma Inc for USD70 million upfront plus additional contingent payments based on milestone achievements, a deal that will bolster its late stage pipeline with a treatment for inflammation of the esophagus.
It obtained the rights to acquire Meritage as part of its acquisition of ViroPharma Inc in 2014.
Shire is buying Meritage's Phase 3-ready compound Oral Budesonide Suspension, for the treatment of adolescents and adults with eosinophilic esophagitis, an inflammation of the esophagus caused by a reaction to foods, allergens or acid reflux.
It does not expect the acquisition to change its earnings guidance for 2015.
"Shire?s pipeline and strategic focus on rare diseases is further strengthened with the acquisition of Meritage, which also complements our strong (gastrointestinal) capabilities," said Shire's Head of Research and Development Phillip Vickers in a statement.
Shares in Shire are trading down 0.6% at 5,160.00 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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