31st Aug 2018 10:16
LONDON (Alliance News) - Irish biotechnology giant Shire PLC said Friday it has completed the sale of its oncology franchise to Servier SAS.
The FTSE 100-listed company sold its franchise, which includes the global rights to its leukaemia drug Oncaspar and exclusive US and Taiwanese rights to its pancreatic cancer drug Onivyde, for USD2.4 billion.
The former head of Shire's global genetic diseases and oncology franchises, David Lee, will become chief executive of a new US commercial subsidiary at Servier.
"Shire expects oncology sale proceeds to enable to further reduce its leverage. Shire will update its financial guidance, including the impact of the oncology sale, as part of the third quarter earnings announcement later this year," the company said.
Shire is to be taken over by Takeda Pharmaceutical Co Ltd in a deal that values the company at GBP46.00 billion and has been granted unconditional clearance from the US Federal Trade Commission.
Shares in Shire were down 0.2% at 4,503.50 pence on Friday.
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