Shire buys Meritage Pharma for at least $70 million
Reuters
Published Feb 24, 2015 13:03
Shire buys Meritage Pharma for at least $70 million
LONDON (Reuters) - Dublin-based drugmaker Shire (L:SHP) said on Tuesday it had bought U.S. firm Meritage Pharma for at least $70 million (45 million pounds), boosting its gastrointestinal drugs business.
Shire said it had obtained rights to buy privately-held Meritage in connection with its $4.2 billion acquisition of rare disease specialist Viropharma in 2014. The fee could rise if development and regulatory milestones are reached, it said.
The deal comes after Valeant Pharmaceuticals International (TO:VRX) sealed a $10.1 billion acquisition of gastrointestinal drugmaker Salix Pharmaceuticals (O:SLXP) on Sunday, and said this week it planned to strike further smaller deals.
Shire had taken initial steps to acquire Salix and was working with advisers on a potential offer, according to people familiar with the matter.
Shares in Shire were down 0.4 percent at 5170 pence at 1232 GMT.
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Written By: Reuters
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