logo
Share SHARE
FONT-SIZE Plus   Neg

Shire To Buy FerroKin BioSciences For $100 Mln Plus Milestone Payments

Shire plc (SHP.L,SHPGY) Thursday reported agreeing to acquire privately-held FerroKin Biosciences Inc. for a cash consideration of $100 million and milestone payments of up to $225 million. The purchase is expected to add the iron chelator FBS0701, which is seen as a possible treatment for transfusional iron overload to Shire's hematology portfolio.

While phase 2 trials of FBS0701 are currently underway, Shire sees additional trials as well as a global filing for indications of Myelodysplastic Syndrome and hemoglobinopathies, with a launch target of 2016. Further, such key FerroKin employees as Founder and CEO Hugh Rienhoff may provide consulting services during a transition period.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Bank of Nova Scotia or otherwise known as Scotiabank, Friday reported lower net profit for the third quarter, in the absence of a year-ago gain. Earnings per share, however, came in line with the Street view. Further, the company said it raised its quarterly dividend by 2 cents. Non-traditional discount and variety stores operator Big Lots Inc. (BIG) Friday reported a decline in net profit for the second quarter, while net sales grew 1.2 percent from the prior year. Comparable sales for the quarter increased 2.8 percent. Google has rejected the European Union's charges that it abused its market power and the demanded that it change the way it ranks online comparison shopping services in its search results, setting up a potentially long legal battle with the EU regulator empowered to levy billions of euros in fines
comments powered by Disqus
Follow RTT