Economy

Shire's $2.4bn oncology sell-off seen as Takeda spoiler

Shire's $2.4bn oncology sell-off seen as Takeda spoiler

Pharmaceutical giant Shire has agreed to sell its oncology business to French firm Servier for 2.4 billion U.S. dollars (£1.68 billion), ahead of a potential takeover offer by Japan's Takeda.

The divestment of the cancer business may be a deterrent for Takeda, since oncology was one of the areas it had highlighted as driving the case for a Shire deal, along with gastrointestinal medicine and neuroscience.

The agreement comes as Takeda's chief executive Christophe Weber is reported to be in the USA canvassing investor support for a potential bid for Shire, and will no doubt complicate attempts to put a fair value on the business with just a few days to go before the Japanese company must propose an offer or press pause for six months as required under European Union takeover laws.

Ornskov said the board will consider returning the proceeds of the sale back to shareholders through a buyback programme.

The UK Takeover Panel gave the Japanese firm a deadline of April 25 to announce a firm intention to bid or walk away. Takeda declined to comment further on Monday.

HMD Global Likely to Launch Nokia X Mid-range Smartphone on April 27
In 2014, Nokia , just before being acquired by Microsoft , launched the company's first ever Android-powered Nokia X . It is expected to launch the Nokia X Android smartphone on April 27 as per latest reports.

Shire is headquartered in Dublin but is listed in London and has most of its physical presence in the US. Ironically, Shire itself relocated its corporate headquarters to Ireland for tax reasons.

Flemming Ornskov, Shire's CEO, suggested that other sell-offs might be possible after buying spree that culminated in the 2016 acquisition of Baxalta for $32 billion. Its oncology business had sales of $262 million past year, putting the divestment on a respectable revenue multiple of 9.2 times.

The Shire unit sells Oncaspar, used in the treatment of a form of leukemia, and Onivyde for pancreatic cancer, the Lexington, Massachusetts-based company said in a statement Monday.

For privately held Servier, acquiring Shire's oncology operation allows it to establish a direct commercial presence in the United States and boosts its presence in cancer. The portfolio also includes Calaspargase Pegol (Cal-PEG), which is under FDA review for the treatment of ALL, and early stage immuno-oncology pipeline collaborations.


  • Socceroos Watch: Tom Rogic strikes in Scottish Cup semi-final

    Socceroos Watch: Tom Rogic strikes in Scottish Cup semi-final

    Their reward will be a return to Hampden, for the Scottish Cup final against Motherwell in late May. It was just unacceptable for Rangers'.
    Syria, Russia and Iran condemn tripartite attack on Damascus

    Syria, Russia and Iran condemn tripartite attack on Damascus

    Trump, ignoring Mattis' warning, pushed United States military leaders to develop a plan to attack the Syrian Government . The Russian leader warned against "ill-considered and risky actions ... that would have consequences beyond conjecture".
    Barry Lewis: Facebook and the illusion of privacy

    Barry Lewis: Facebook and the illusion of privacy

    Many people construed it as confirmation of the fact that people who want privacy must expect to pay for it (going forward). The company's founder has stated to media that it can not promise "GDPR-style privacy protection" for USA users.
  • Brokerages Expect Kinder Morgan (KMI) Will Post Earnings of $0.21 Per Share

    Zacks' EPS calculations are an average based on a survey of research analysts that that provide coverage for Kinder Morgan. Johnson Investment Counsel Inc increased Sherwin Williams Company (SHW) stake by 2104.08% reported in 2017Q4 SEC filing.
    Comey says Trump morally unfit to be president

    Comey says Trump morally unfit to be president

    Comey's interview aired Sunday as he continues to promote his new book, "A Higher Loyalty: Truth, Lies and Leadership ". Comey said Americans would benefit from stepping into his shoes and considering the options he had.
    Boris Johnson Defends Missile Strikes on Syria

    Boris Johnson Defends Missile Strikes on Syria

    Foreign Secretary Boris Johnson speaks during a banquet with diplomats at Mansion House in London, Britain March 28, 2018.
  • Married woman gang-raped in Uttar Pradesh village

    Married woman gang-raped in Uttar Pradesh village

    The husband of a woman found dead in Worthing on Friday morning has paid tribute to her. The pair knew each other, but were not related and are yet to be formally identified.
    Authorities: Brawl at Sikh temple at IN  leaves 4

    Authorities: Brawl at Sikh temple at IN leaves 4

    Fillenwarth says four people suffered minor injuries and were taken to a hospital, where they will be questioned by police. Officers will also be interviewing those involved in the fight, including the four people who received minor injuries.

    On May, 3 Esperion Therapeutics, Inc. (ESPR) Analysts See $-1.45 EPS

    Susquehanna Interest Group Limited Liability Partnership invested 0% of its portfolio in Esperion Therapeutics , Inc. Esperion Therapeutics , Inc. (NASDAQ: ESPR ) has risen 89.86% since April 13, 2017 and is uptrending.
  • "Fortnite" Players Will Receive Compensation For Sever Downtime

    Its growth is unparalleled and obviously, all the players who regularly log in are eager to learn about the game's future. In return for players being "awesome and patient", it's offering free items that can be claimed for a limited time.
    Fire destroys Delhi's only Rohingya camp, no casualties reported

    Fire destroys Delhi's only Rohingya camp, no casualties reported

    An NGO had set up the Rohingya camp in Delhi's Kalindi Kunj locality in 2012 on a 150-odd sqm plot it owns. According to the police, all the homes in the camp were made of asbestos sheets; all of them were gutted.
    Watch out for tax scams ahead of April deadline

    Watch out for tax scams ahead of April deadline

    There are some who, even with the extra days, aren't going to be able to pull everything together to file on time. If you are unsure how much you owe in taxes, here's some math to figure out what to pay now.