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

Shire plc (SHP.L,SHPGY: Quote) 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

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