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Shire launches Movetis offer

Shire has announced the launch of a tender offer to acquire all outstanding shares and warrants of Movetis

Shire has announced the launch of a tender offer to acquire all outstanding shares and warrants of Belgian gastrointestinal (GI) specialists Movetis.

Ireland-based biopharma company Shire announced its intention to acquire Movetis in August, 2010 with a proposed €19 per share offer to Movetis shareholders. The launch of the tender offer sees the value per share remain the same, valuing Movetis at €428m.

Movetis' management has issued a memorandum recommending its shareholders accept the offer.

The memorandum also considers prospective plans if the bid is successful, including the future of Movetis' recently-launched constipation treatment  Resolor (prucalopride), which Shire has estimated to have potential annual peak sales of more than €300m.

The memorandum states: 'The Board understands that Movetis will play an important role in Shire's GI business, especially in Europe. Movetis staff will play key roles in research & development in the GI field (at least for the current Movetis portfolio) and in the European commercialisation of Resolor and, over time, of Shire's Mezavant (mesalazine).

'The Movetis employees in Benelux, the UK and Germany will continue to support Resolor and the Resolor launch, and will over time become part of the Shire organisation.'

Shire has said a group of institutional shareholders of Movetis have already committed to sell their stake in the company, with their combined shares attributing to 38.9 per cent of the company.

An additional shareholder with a 5.9 per cent stake in the company has also entered into an agreement to tender its shares to the offer according to Shire.

The acceptance period for the tender offer is now open and will close on September 27, 2010. Results will be published no later than October 4, 2010. If successful, Shire has said settlement will be achieved no later than October 18, 2010.

7th September 2010

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