STORY UPDATES
BASINGSTOKE, U.K.—October 8, 2007—Continuing to focus its attention on the ADHD market, Shire announced the sale of a selection of non-core products to Barcelona-based Laboratorios Almirall S.A. in an all-cash deal worth $213 million. The portfolio includes dermatology products Solaraze and Vaniqa, as well as six other products for a range of indications, which Shire sells predominantly in Western Europe.
BASINGSTOKE, U.K.—May 2, 2007—To repay and cancel part of the $1.3 billion drawn down to pay for part of its acquisition of New River Pharmaceuticals, Shire plc announced it intends to make an offering of $1 billion principal amount of convertible bonds due 2014 to international institutional investors outside the United States. The bonds will be convertible into ordinary shares and are expected to have a semi-annual coupon of about 3 percent.
BASINGSTOKE, U.K.—April 20, 2007—Continuing its push in the U.S. ADHD market, Shire plc announced completion of its acquisition of New River Pharmaceuticals. According to Shire CEO Matthew Emmens, the deal "improves our operating margins, adds to our pipeline, significantly enhances our earnings growth from late 2009 and delivers on our overall global growth strategy."
BASINGSTOKE, U.K.—Shire plc announced it would acquire Philadelphia-based New River Pharmaceuticals for $2.6 billion in cash in an effort to gain full control of a drug targeting attention deficit hyperactivity disorder (ADHD). The move follows a collaborative agreement between the two companies that led to the development of the drug, NRP104, now known as Vyvance (lisdexamfetamine dimesylate).
"This acquisition continues our leadership position in the growing U.S. ADHD market, improves our operating margins, significantly enhances our earnings growth from late 2009, and delivers on our overall global growth strategy," said Shire CEO Matthew Emmens. "The combined debt and equity financing announced today enables us to both acquire New River and retain the financial flexibility to make further acquisitions that will continue to drive Shire's growth."
According to stats from the National Institute of Mental Health, about 3-5% of U.S. children have ADHD. Emmens suggests the company sees Vyvanse as a next-generation stimulant, following its own Adderall XR.
