Shire Acquires Movetis in a 428 Million Euros Deal

drugsmoneyAs reported in The Independent, Shire has offers 428 million euros in cash to acquire the Belgium based speciality pharmaceuticals company based in Movetis.

Movetis specialise in gastrointestinal products and Shire hopes the acquisition will give them access to Movetis’ constipation treatment Resolor. Resolor is approved for sale in 30 European countries including the UK. Shire estimates Resolor will sell EUR300 million a year in Europe at its peak, although analysts at Jefferies and Edison Investment Research said they’re more cautious on the drug’s potential.

Under the terms of the deal, Shire is offering 19 euros for each share in Movetis. Speaking of the acquisition, a spokesperson from Shire stated the deal brings to the firm “world-class R&D talent and a promising GI pipeline, including two projects in early clinical development and several pre-clinical leads.”

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