Shire sells cancer drugs to Servier for $2.4 billion

Shire, the London-listed rare diseases specialist that is a potential takeover target for Japan’s Takeda Pharmaceutical, is selling its oncology business to unlisted French drugmaker Servier for $2.4 billion. The deal suggests there is value locked up within Shire's portfolio —despite a dismal share price performance in the past two years — as its management braces for a possible $50-billion bid battle with Japan's biggest drugmaker. Shire said on Monday it would consider returning proceeds from the sale to shareholders through a buyback. REUTERS<