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Shire (Dublin, Ireland) has entered into a definitive agreement to sell its oncology business to Servier (Neuilly-sur-Seine, France) for $2.4 billion.
Under the terms of the agreement, Servier has agreed to acquire Shire’s oncology business for a total consideration of $2.4 billion, in cash, upon completion. In 2017, the oncology business generated revenues of $262 million. The transaction covers the transfer of Shire's in-market products Oncaspar and ex-U.S. rights to Onivyde. 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.
Shire CEO, Flemming Ornskov, commented: “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.
Olivier Laureau, Servier Group President, said: “The acquisition of Shire's oncology franchise enables Servier to meet its strategic ambitions to become a global key player in oncology. As an essential step in the evolution of the Group, this acquisition allows us to establish a direct commercial presence in the United States, the world's leading pharmaceuticals market, and to strengthen our portfolio of marketed products in the territories where Servier is already present."