Shire acquires biopharmaceutical company SARcode

Pharmaceuticals group Shire has acquired California-based biopharmaceutical company SARcode to build its presence in the ophthalmology therapeutic market and add a dry eye treatment, Lifitegrast, to its portfolio.

Pharmaceuticals group Shire has acquired California-based biopharmaceutical company SARcode to build its presence in the ophthalmology therapeutic market and add a dry eye treatment, Lifitegrast, to its portfolio.

Shire will make an upfront payment of $160m, and SARcode shareholders will be eligible to receive additional undisclosed payments if certain clinical, regulatory, and/or commercial milestones are achieved.

The transaction is expected to close in the second quarter, subject to regulatory approval in the US, and other customary closing conditions.

Shire said it expects to lauch the product in 2016 providing it achieves a positive outcome of the phase 3 clinical development programme and regulatory

approvals. It is acquiring the global rights to the product.

There is currently no approved treatment indication which includes symptoms of dry eye.

Shire's Chief Executive Designate, Flemming Ornskov, said: "The acquisition of SARcode is a demonstration of Shire's focus on continuing to build our research and development pipeline with innovative, well-differentiated assets that address significant unmet patient need.

"This acquisition and our recent acquisition of Premacure have the potential to provide the basis for an attractive ophthalmology business for our company, given the significant growth opportunities in this therapeutic area as well as Shire's proven expertise in specialist markets."

The share price edged 0.05% lower to 1,977p by 15:40.

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

The rising dollar is proving bad news for most other assets – will it last?
Investment strategy

The rising dollar is proving bad news for most other assets – will it last?

Precious metals, stocks and pretty much every other asset has taken a tumble as the US dollar strengthens. Dominic Frisby looks at how long this trend…
23 Sep 2020
The electric-car bubble could get an awful lot bigger from here
Renewables

The electric-car bubble could get an awful lot bigger from here

The switch to electric cars is driving a huge investment bubble. But that’s not necessarily a bad thing, says John Stepek. Fortunes will be made and l…
24 Sep 2020
Why you should stuff your end-of-pandemic portfolio with Chinese stocks
China stockmarkets

Why you should stuff your end-of-pandemic portfolio with Chinese stocks

For an end-of-pandemic portfolio, you need assets that can cope with today’s volatility. And that, says Merryn Somerset Webb, means Chinese stocks.
14 Sep 2020