Shire, which announced its deal for NPS Pharma on Sunday, is already readying itself to take on-market short bowel syndrome-fighter Gattex--launched in the U.S. in Q1 2013 and in Europe in Q3 2014--to the next level.
Shire's M&A wheelhouse is still churning after its $5.2 billion buyout of NPS Pharmaceuticals. CEO Flemming Ornskov told Bloomberg that the Dublin-based company's recent acquisition won't prevent it from making more deals in the future--especially where rare disease drugs are concerned.
Shire has snapped up NPS Pharmaceuticals for $5.2 billion, in a deal aimed at beefing up its rare disease portfolio.
After months of takeover speculation, New Jersey's NPS Pharmaceuticals is officially up for grabs. And now, all eyes are on rumored suitor Shire.
Armed with a $1.64 billion breakup fee from former merger partner AbbVie and a brand-new $2.1 billion revolving loan facility, Shire looks ready to strike a deal. Rumor says it's revisiting some of its old targets, including New Jersey's NPS Pharmaceuticals.
The ripple effects of AbbVie's canceled Shire deal extend beyond the disgruntled hedge fund managers and spooked investors who've been making noise since the $55 billion buyout collapsed. Several large investment banks lost money, too, raising eyebrows over whether they're illegally betting their own funds.
On the rebound after a dalliance with AbbVie and its $55 billion red herring, Shire CEO Flemming Ornskov is back on the offensive, talking up his company's potential to rub elbows with the biggest among Big Biotech.
Shire is enjoying the single life post-AbbVie breakup, touting its newly independent status and beefing up R&D. But if the company wants to beat its already ambitious sales goals, some strategic dealmaking could be on the horizon, CEO Flemming Ornskov says.
Shire, settling into life on its own after a failed merger with AbbVie, believes its in-development drugs can bring in a combined $3 billion in sales by 2020, sharpening its focus on rare diseases and keeping an eye out for bolt-on acquisitions.
More than 500 Pennsylvania-based Shire workers are shipping up to Boston in a move CEO Flemming Ornskov says will "streamline operations and drive further efficiencies."