Shire sells oncology unit to Servier for $2.4bn

Shire sells oncology unit to Servier for $2.4bn

Drugmaker Shire has agreed to sell its oncology business to a French rival, putting into question whether a bid for the FTSE 100 firm from Japanese suitor Takeda will emerge.

But Monday's news that Shire has sold off its cancer treatment unit - which includes its ONCASPAR (leukaemia) and ONIVYDE (pancreas) treatments - has thrown that possible takeover into doubt.

"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". It said last month that any deal would strengthen its core therapeutic areas of developing medicines for cancer, gastroenterology and neuroscience. Cancer isn't one of the Shire's major units, with $262 million in 2017 sales, or about 1.8 percent of the company's total.

Jefferies analysts said the sale "should boost Shire's negotiating position on asking price in the current offer period with Takeda".

A Takeda spokesman declined to comment.

More news: Man City equal top-flight record for earliest title win

"While the oncology business has delivered high growth and profitability, we have concluded that it is not core to Shire's longer-term strategy", said Flemming Ornskov, Shire's chief executive. Those and all other early-stage immuno-oncology pipeline collaborations will now go to Servier.

The proceeds from the transaction, which is expected to close in this or next quarter, would "increase optionality". A decision on whether the firm will make a bid or not is required by April 25 as per United Kingdom regulation.

Its oncology business had sales of $262 million previous year, putting the divestment on a respectable revenue multiple of 9.2 times.

Shire was at pains to point out that it started exploring the sale of oncology in December and commenced the disposal process in January, during which it identified multiple possible U.S., European and Japanese buyers.

Shire gained as much as 3.5 percent to 3,732 pence in early trading in London.

Related News:

  • All accused in 2007 Hyderabad Mecca Masjid case acquitted by special court

    All accused in 2007 Hyderabad Mecca Masjid case acquitted by special court

    Armed personnel from various wings of the State police will be deployed and roads leading to the court will be barricaded. Two other accused - Sandeep V Dange and Ramchandra Kalsangra - are absconding while another accused Sunil Joshi had died.
    New Star War Han Solo Spot

    New Star War Han Solo Spot

    And that's exactly where Han Solo find himself in this exclusive image from the film, as seen in the forthcoming issue of Empire . Han Solo is all charm and bravado - sans his trademark cynicism - in the new TV spot for the origin film of the iconic character.
    Kathua rape case: Mufti accepts resignations of BJP ministers

    Kathua rape case: Mufti accepts resignations of BJP ministers

    BJP spokesperson Sunil Seth said the final decision to induct ministers would be taken by party high command. The girl was kidnapped on January 10 and her body was found on January 17.
  • Comey takes a swipe at Trump in plug for new book

    Comey takes a swipe at Trump in plug for new book

    But Trump later said he was thinking about "this Russian Federation thing" around the time he made a decision to fire Comey. "Yes. In his book, Comey compares Trump to a mafia don and calls his leadership of the country "ego driven and about personal loyalty".
    Sony's Next Xperia Phone Goes All In on the Camera

    Sony's Next Xperia Phone Goes All In on the Camera

    What are your opinions on the design and the specs? It follows the Xperia XZ2 and XZ2 Compact announced this past February. The rear camera also supports 4K HDR video recording and 960fps Super slow motion recording in HD or Full HD.
    Putin: Further Western strikes on Syria will lead to chaos, say agencies

    Putin: Further Western strikes on Syria will lead to chaos, say agencies

    He added that the Congress must have a full role in reviewing and approving the strategy. Air missile fire is seen over Damascus after a US attack on Syria on April 14.
  • Inmates Dead in SC After Massive Prison Brawl

    Inmates Dead in SC After Massive Prison Brawl

    Lee County Fire and Rescue a sent crews to assist in the "mass causality incident", the agency said in a Facebook post. COLUMBIA, S.C. (AP) — State police have been called to one of South Carolina's most unsafe prisons.
    Watch out for tax scams ahead of April deadline

    Watch out for tax scams ahead of April deadline

    This year it was pushed to Tuesday, April 17, because Washington, D.C., is celebrating its emancipation holiday on Monday. Per the IRS, there are more than 90,000 volunteers around the country, who can help you correctly complete your return.
    Mohamed Salah impresses Klopp with impressive numbers

    Mohamed Salah impresses Klopp with impressive numbers

    Asked which he would prefer, the PFA gong or the European Cup, Salah told reporters: "I have no doubt. the Champions League ". However, he returned to the starting lineup after midweek's assault on Manchester City in the Uefa Champions League .
  • IMD forecasts normal monsoon this year

    IMD forecasts normal monsoon this year

    Less than 90 per cent LPA is termed "deficient" monsoon, and 90-96 per cent of the same is considered "below normal". India had faced deficient rains during monsoon season in 2015 and 2014, making both these years drought years.
    Conte slams first-half display but salutes Chelsea reaction

    Conte slams first-half display but salutes Chelsea reaction

    A well worked team move saw Alvaro Morata with a good chance inside the box, but he could only lift his effort over the bar. In danger of relegation, Southampton came out fighting, out-muscled Chelsea and pressured with energy and commitment.
    WhatsApp Payment feature is now available for some users in India

    WhatsApp Payment feature is now available for some users in India

    It has made a decision to store all the messages and multimedia content on its server even if it is downloaded by the user. First reported by WABetaInfo , WhatsApp media dating back to three months could be downloaded again.


Most liked

At least seven dead after 'mass casualty incident' at SC prison
Corrections officials did not immediately say what led to the incident and why it took hours to stop the series of altercations. Emergency services from several SC counties responded to the "mass casualty incident", Lee County Fire wrote in a tweet .

Markets recover early loss; Sensex closes 100 points above
Shares of one of India's biggest software firms, Infosys fell 3.86% to Rs 1,123.90 on less-than-expected FY19 revenue guidance. Among other Asian markets, Hong Kong's Hang Seng shed 1.44%, while Shanghai Composite Index was down 1.05% in early trade.

Houston Rockets Playoff Schedule
Then Khris Middleton forced overtime with an absurd 3-pointer at the buzzer that barely got off his fingertips in time. Tonight's late Rockets vs Timberwolves game will be televised exclusively on the TNT cable TV channel .

Kathua case: BJP demands action against Jammu and Kashmir Cong chief
We want to ask Rahulji, our two ministers had resigned for joining the rallies in support of the rape accused. The BJP leader also questioned why Gandhi did not take out any march after the 2012 Nirbhaya gang rape.

Drunk, drugged and possibly on the run: The Hart family's final
Search teams found debris and personal effects identified as belonging to the Thottapilly family on Thursday. Various personal items that the family was carrying during their vacation were also found.

CA Has $3.04 Million Position in Celgene (NASDAQ:CELG)
First Manhattan Co holds 235,839 shares or 0.13% of its portfolio. 110,330 were accumulated by Arvest Retail Bank Trust Division. Veritable Lp decreased its stake in Celgene Corp (CELG) by 22.45% based on its latest 2017Q4 regulatory filing with the SEC.

Should Mark Zuckerberg be Facebook's chairman and CEO? Some investors say no
However, as we have seen FB is in the business of hosting content of billions of users, and trading it for advertising revenue. That means that these non-subscribers haven't a clue about what information Facebook has obtained about them.

Gracetown shark attack: Second surfer injured in South West
A spokesman from the ambulance service said the victim was breathing and conscious on the way to Royal Perth hospital. The attack prompted the World Surf League to postpone the nearby Margaret River Pro worldwide surfing contest.

Trump wanted out of Syria, but is now firmly back in
Trump did not rule out additional strikes, saying he would take additional action "as necessary and appropriate". Syrian state media accused Western powers of trying to hinder the investigation with their attack.

IShares MSCI Hong Kong (EWH) Declines 0.77% for April 15
Zacks Investment Research lowered shares of MSCI from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 5th. ETFS-E Fund MSCI China A GO ETF (NASDAQ:CASH)'s earnings release is expected by WallStreet on April, 25, according to RTT.

Arab leaders highlight nations' sovereignty, denounce regional intervention
Tensions have eased slightly in recent months but Qatar still only sent its representative to the Arab League to the Dhahran summit .

President Trump Sparks Social Media Backlash With 'Mission Accomplished' Tweet
They were the same two words made infamous by a 2003 speech and photo opportunity aboard the U.S.S. It is about ISIS and deterring Assad's use of chemical weapons. "It does not exist anymore".

Facebook adds fuel to privacy row: We track non-users, says Zuckerberg
Any violations of the 2011 agreement could subject Facebook to fines of $41,484 per violation per user per day. The incident wiped off billions from Zuckerberg's wealth while Facebook's stock prices slumped in a week.

EPL: Mourinho reacts to Man City winning title, blasts Man United players
He also conceded it was sweet to triumph in a country where some critics claimed his purist principles couldn't flourish. The 47-year-old has previously won league titles in Spain and Germany, as well as two Champions Leagues with Barca.

PM hails Indian team's success at 2018 Commonwealth Games
Crowned Asian champion just months ago, Mary Kom added the light flyweight (48kg) Commonwealth crown to her tally today . So we were not able to bring you any pictures because we did not have pictures available to us to bring you.