Shire to Buy ViroPharma for Around $4.2 Billion
In order to establish itself in providing treatments for rare disease, Shire Plc is going to buy ViroPharma Inc. The deal has taken place for around $4.2 billion and Shire will be paying $50 a share and that too in cash.
The recent deal is considered to be the third one for Shire. The purchase will allow Shire to have an access to Cinryze, a medicine meant for the treatment of hereditary angioedema, an inflammatory condition.
The company has said that the deal will help in raising Shire's earnings per share. In fact, as the announcement of the deal was made, Shire was able to witness a rise of 3.5% amounting to 2,894 pence.
"It's a deal that fits with our strategy of increased focus on high-growth speciality markets, particularly rare diseases", said Flemming Ornskov, CEO of Shire.
Ornskov talked about Cinryze and said that it will act a grown engine for the company. Moreover, it is an attractive drug that will prove beneficial for the company.
In addition, it has been revealed that Shire has announced that it has been planning to stop a number of programs that are taking place out of the field of rare disease.