Shire Acquires Movetis For EUR428M
U.K. drug maker Shire PLC Tuesday said it agreed to acquire Belgium's Movetis NV for EUR428 million in cash in a deal that adds to its stable of medicines for gastrointestinal conditions.
The deal fits with Shire's strategy of selling treatments for conditions with few other treatment options and the Dublin-based company said it will boost earnings after 2012. It said sales of Resolor, Movetis's flagship product, will add to revenue immediately. Resolor was approved by the European Medicines Agency in October 2009 as a treatment for chronic constipation in women who don't get relief from laxatives.
Shire estimates Resolor will sell EUR300 million a year in Europe at its peak. Shire added the deal will also bring two drugs in early-stage clinical testing into its pipeline, as well as promising preclinical compounds.
Source: Wall Street Journal/Dow Jones Newswires
