Shire gains on Lotus Tissue Repair acquisition

Ireland-based pharmaceutical company Shire on Wednesday gained on news it had acquired Lotus Tissue Repair.

Ireland-based pharmaceutical company Shire on Wednesday gained on news it had acquired Lotus Tissue Repair.

Shire advanced 1.78% to 1,998.00p on Tuesday morning following its announcement about purchasing the US-based company for an undisclosed sum.

Lotus is focused on developing the first treatment for dystrophic epidermolysis bullosa (DEB), a rare genetic disorder that causes extremely fragile skin and recurrent blister formation.

The group's protein replacement therapy is in late pre-clinical development for the treatment of DEB.

Philip Vickers, Head of Research and Development at Shire Human Genetic Therapies, said the protein replacement therapy could potentially provide first-in-class disease-modifying treatment for children with the disorder.

Lotus Tissue Repair was founded in 2011 when it closed on a $26m in Series A financing round from venture capital firm Third Rock Investors.

The acquisition marks Shire's latest effort to strengthen its rare disease offering including the treatment of EB.

Shire is also working on ABH001, a regenerative medicine product under investigation as a skin substitute therapy for nonhealing wounds in EB patients.

"The acquisition actually has no negative consequences on ABH001. That's moving ahead at full speed. It's not being slowed down. We very clearly see these as being complementary in a number of ways," Vickers told GEN.

RD

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

Most Popular

Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
The MoneyWeek Podcast: bitcoin special
Bitcoin

The MoneyWeek Podcast: bitcoin special

Merryn talks to bitcoin experts Dominic Frisby and Charlie Morris to get the lowdown on the cryptocurrency to find out why it's such a huge global phe…
15 Jan 2021
Free 6 issue trial then continue to