Shire Announces Agreement for Sale of Vaccines Business
The intention to exit the vaccines business was first announced by Shire in July 2003. This followed Shire's strategic review, which refocused the Company on fewer projects at a later stage of development, as well as marketed products. The vaccines business is no longer core to the Company's global strategy, and upon completion of this transaction Shire will be exclusively focused on therapeutic products meeting the needs of specialists doctors.
The transaction will be disclosed in the Shire financial statements as a discontinued operation once consent is given under the Canadian government contracts. The impact of this is that the vaccines financials will be reported separately from the continuing operations of Shire. The guidance provided in March for 2004 and beyond is relevant to the continuing operations of Shire and is thus unaffected by this transaction.
Shire Chief Executive, Matthew Emmens commented: "We are making good progress with our new strategy and today's announcement is a significant step. The vaccines business has a good pipeline of products in early stage development and IDB is an ideal partner to take this business further, building on the success and promise that has already been created. The employees stand to benefit from being part of a group that is focused exclusively on this area. We examined a number of options and we believe IDB to be the best opportunity. We look forward to the prospect of completing the transaction and working with IDB to ensure a smooth handover of the business."
Other news from the department business & finance
Get the life science industry in your inbox
From now on, don't miss a thing: Our newsletter for biotechnology, pharma and life sciences brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.