Drug-maker Shire flogs its cancer business as it braces for a £32bn takeover bid


City & Finance Reporter

Oncology is behind takeover bid of Shire

Oncology is behind takeover bid of Shire

Oncology is behind takeover bid of Shire

Drug-maker Shire is selling its cancer drugs business to French rival Servier for £1.6billion as it braces for a possible £32billion bid battle with Japan’s Takeda.

Shire, which makes the attention deficit drug Adderall, may get a takeover offer from the Japanese firm which expressed interest last month. However, Takeda had highlighted oncology as one of the key areas behind the potential takeover, so Shire’s sale of the oncology division could deter its pursuit.

Takeda has until April 25 to announce whether or not it will bid for Dublin-based Shire, which has a market value of around £32billion.

Shire said the oncology business was not core to its longer-term strategy and it was also considering selling other divisions. Chief executive Flemming Ornskov, 60, said it would consider returning cash from the sale to shareholders depending on whether Takeda makes a move.

 

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