max sattana /
12 January 2015Europe

Shire agrees NPS Pharma buyout

Biopharmaceutical company Shire has agreed a multi-billion pound deal to buy US business NPS Pharmaceuticals, which operates in the same industry.

The deal, worth £3.4bn ($5.1bn), was approved unanimously by the boards of both companies , it was announced yesterday (January 11).

According to Flemming Ornskov, chief executive of Shire, the buyout will accelerate the growth of the portfolio of NPS, which specialises in bowel disease treatment.

The acquisition, Shire said, will include two new drugs—Gattex (teduglutide [rDNA origin]), a treatment for short-bowel syndrome, and Natpara, a yet-to-be approved treatment for hypoparathyroidism.

“The NPS organisation will be a welcome addition to Shire as we continue to help transform the lives of patients with rare diseases,” Ornskov added.

Francois Nader, chief executive of NPS, said:

“We believe that joining our two companies will drive value for shareholders and ensure we continue to transform the lives of patients.

“I am confident that this transaction will accelerate our ambition of creating a world where every person living with a rare disease has a therapy.”

The agreement comes just months after a takeover proposal for Shire by US pharma firm AbbVie hit the rocks.

The deal between Shire and NPS is expected to be completed by the end of March.

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