4/16/2018, 9:21 AM (Source:
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Shire to sell Oncology business to Servier for $2.4B

Shire plc announced on Monday it reached an agreement to sell its Oncology business to Servier for $2.4 billion in cash. The United Kingdom-based biotechnology company noted its board of directors have approved the deal and the transaction is set to be completed in the second or third quarter of fiscal 2018.

"This transaction is a key milestone for Shire, demonstrating the clear value embedded in our portfolio. While the Oncology business has delivered high growth and profitability, we have concluded that it is not core to Shire's longer-term strategy. We will continue to evaluate our portfolio for opportunities to unlock further value and sharpen our focus on rare disease leadership with selective disposals of non-strategic assets,"Shire CEO Flemming Ornskov stated.

Shire shares jumped 2.02% at 9:02 am CET.

Breaking the News / NP