“A significant step in advancing Shire’s strategy to become a leading biotechnology company.” That’s how chief executive Flemming Ornskov described his company’s deal to buy US biotech firm NPS Pharmaceuticals.
Shire will pay 5.2 billion dollars – around 3.8 billion euros for the takeover which has already been approved by the boards of both firms.
The move is set to strengthen Shire’s position in the lucrative field of medicines for rare diseases. NPS specialises in drugs for gastrointestinal disorders.
The agreement comes two months after a takeover deal for Shire from US firm AbbVie fell through.