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Shire divests non-core products for USD 213m

Shire agrees to sell a portfolio of non-core products to Spanish-headquartered Almirall Prodesfarma for USD 213m in cash

UK-based pharmaceutical company Shire Pharmaceuticals has agreed to sell a portfolio of non-core products to Spanish-headquartered Almirall Prodesfarma for USD 213m in cash.

The transaction is subject to competition clearances and other customary consents. Shire was advised by Rothschild.

Almirall will gain sunlight skin lesion treatment Solaraze, as well as Vaniqa, a cream used on female facial hair. Six non-promoted products, which are sold in the UK, France, Germany, Italy, Spain and Ireland, are also bundled in with the deal.

The six other products include Lodine (etodolac) for treatment of rheumatoid arthritis and osteoarthritis, Colazide (balsalazide) for treatment of mild to active ulcerative colitis, Meptid (meptazinol) for treatment of pain, and Cebutid (flurbiprofen) for treatment of the symptoms of rheumatoid arthritis and osteoarthritis.

Shire said the core focus of the firm was to build its attention deficit hyperactivity disorder (ADHD), human genetic therapies, gastrointestinal and renal diseases businesses.

Shire will expand its ADHD expertise to markets outside the US within the next two years, with an initial focus on the EU.

The company concluded that with its recent in-licensing of Juvista, an experimental treatment for scarring, from UK-based Renovo, it will build a new specialty area of regenerative medicine.

Shire's CEO, Matthew Emmens, said: "Our strategic focus is clear and our emphasis in the international markets is on developing competitive positions for our global products that meet the needs of the specialist physicians and their patients, in our chosen areas of expertise."

Almirall's CEO, Dr Jorge Gallardo, added: "We are very satisfied with this acquisition since it expands our international presence in a critical market like the UK and reinforces our position as one of the key European specialty pharmaceutical companies".

30th September 2008

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