Shire sells can­cer drugs to Servier for $2.4 bil­lion

Business Standard - - WORLD -

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<

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