Shire announced an agreement
on Monday to divest its oncology business to Servier for $2.4 billion in cash,
having initiated a sale process for the unit at the start of the year. Shire
CEO Flemming Ornskov remarked "while the oncology business has delivered
high growth and profitability, we have concluded that it is not core to Shire's
longer-term strategy."
According to Shire, the sale
process identified multiple potential strategic buyers across the US, Europe
and Japan. Ornskov said "we will continue to evaluate our portfolio for
opportunities to unlock further value and sharpen our focus on rare disease
leadership with selective disposals of non-strategic assets." The
executive added "Shire's board will consider returning the proceeds of the
sale to shareholders through a shareholder-approved share buyback after the
current offer period regarding Takeda's possible offer for Shire
concludes."
Earlier this year,
Takeda disclosed that
it is considering making an offer to acquire Shire, with the Japanese drugmaker
having until April 25 to either announce a firm offer or decide against
pursuing a purchase. Although Takeda highlighted oncology as one of its key
therapeutic areas that would be strengthened by an acquisition of Shire,
Deutsche Bank analysts said the sale of the unit to Servier was unlikely to be
a deal breaker for the Japanese drugmaker. Meanwhile, Jefferies analysts
suggested that the sale of the oncology business "should boost Shire's
negotiating position on asking price in the current offer period with
Takeda."
Shire's oncology unit includes
Oncaspar (pegaspargase), a component of multi-agent treatment for acute
lymphoblastic leukaemia (ALL), and ex-US rights to Onivyde (irinotecan
pegylated liposomal formulation), which is a component of multi-agent treatment
for metastatic pancreatic cancer post gemcitabine-based therapy. The portfolio
also includes calaspargase pegol, which is under FDA review for the treatment
of ALL, and early-stage immuno-oncology assets.
Last year, Shire's oncology
business generated sales of $262 million, with the Servier transaction set to
close in the second or third quarter
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