27th Jul 2005 14:30
Proposed acquisition of Transkaryotic Therapies Inc.Basingstoke, UK and Wayne, PA - July 27, 2005 - Shire Pharmaceuticals Group plc("Shire") (LSE: SHP, NASDAQ: SHPGY, TSX: SHQ) announces that the proposedacquisition of Transkaryotic Therapies, Inc. ("TKT") was approved by Shire'sshareholders on July 27, 2005. The acquisition is now expected to complete onJuly 28, 2005.Shire expects to pay approximately $1.6bn or $37 per common share in cash asconsideration for the TKT shares in accordance with the terms of theacquisition.Shire Chief Executive, Matthew Emmens, commented: "This is great news for Shireand TKT. This acquisition delivers on our strategy and brings a new drugdevelopment platform and expertise within a specialty area as well as furtherexpansion into the European markets. We expect that this move will broaden ourrevenue base while continuing to grow our profits and further build ourpipeline in a relatively low risk area of Enzyme Replacement Therapy."TKT transition will start immediately and David Pendergast will join oursenior management team. We look forward to working with our new colleagues onthe development and commercialization of their existing pipeline. The nextimportant milestones this year are; the filing of I2S with the US Food and DrugAdministration expected before the end of this year, as well as the publicationof phase 1 clinical data for GA-GCB, a treatment for Gaucher's disease."As previously stated, this acquisition is expected to significantly enhanceShire's sales and EPS growth beyond 2007 and sustain Shire's consistentoperating margin performance."Chief Executive Officer of TKT, David Pendergast, Ph.D., said:"This is a tremendous opportunity for our business and our employees. We lookforward to advancing our pipeline with the added expertise and resources thatShire brings to us. It is also great news for patients suffering from raregenetic disorders as it will enable us to introduce effective, life savingtreatments that can make such a difference to their lives." -ends- For further information please contact:Investor Relations Clĩa Rosenfeld (Rest of the World) +44 1256 894 160 Brian Piper (North America) +1 484 595 8252 Media Jessica Mann (Rest of the World) +44 1256 894 280 Matthew Cabrey (North America) +1 484 595 8248 Notes to editorsShire Pharmaceuticals Group plcShire Pharmaceuticals Group plc (Shire) is a global specialty pharmaceuticalcompany with a strategic focus on meeting the needs of the specialist physicianand currently focuses on developing and marketing products in the areas ofcentral nervous system (CNS), gastrointestinal (GI), and renal diseases. Shirehas operations in the world's key pharmaceutical markets (US, Canada, UK,France, Italy, Spain and Germany) as well as a specialist drug delivery unit inthe US.For further information on Shire, please visit the Company's website: www.shire.com."SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF1995Statements included herein that are not historical facts are forward-lookingstatements. Such forward-looking statements involve a number of risks anduncertainties and are subject to change at any time. In the event such risks oruncertainties materialize, Shire's results could be materially affected. Therisks and uncertainties include, but are not limited to, risks associated withthe inherent uncertainty of pharmaceutical research, product development,manufacturing and commercialization, the impact of competitive products,including, but not limited to, the impact of those on Shire's ADHD franchise,patents, including but not limited to, legal challenges relating to Shire'sADHD franchise, government regulation and approval, including but not limitedto Health Canada's suspension of ADDERALL XR⨠sales in Canada and the expectedproduct approval dates of MTS (METHYPATCH) (ADHD), SPD503 (ADHD), SPD465(ADHD), SPD476 (ulcerative colitis), SPD480 (ulcerative colitis) and NRP104(ADHD), including its scheduling classification by the Drug Enforcement Agencyin the United States, Shire's ability to consummate and benefit from itsproposed acquisition of TKT, Shire's ability to secure new products forcommercialization and/or development and other risks and uncertainties detailedfrom time to time in Shire's filings with the Securities and ExchangeCommission, including its Annual Report on Form 10-K for the year to December31, 2004.Hampshire International Business Park Chineham Basingstoke Hampshire RG24 8EP United Kingdom Tel +44 (0)1256 894000 Fax +44 (0)1256 894708 www.shire.com Press Release Registered in England 2883758 Registered Office as aboveENDShire Pharmaceuticals Group PLCRelated Shares:
Shire