Shire Plc. (SHP.L, SHPG) Monday said it would acquire SARcode Bioscience Inc., a privately-held biopharmaceutical company based in Brisbane, California. The transaction is expected to close in the second quarter.
Under the agreement, Shire will make an upfront payment of $160 million and SARcode shareholders will be eligible to receive additional undisclosed payments upon achievement of some clinical, regulatory, and/or commercial milestones.
According to Shire, the acquisition continues to build its presence in the ophthalmology therapeutic category and brings a new phase 3 compound - LIFITEGRAST - currently under development for the signs and symptoms of dry eye disease, into Shire's portfolio.
Shire expects launching LIFITEGRAST in the U.S. as early as 2016 pending a positive outcome of the phase 3 clinical development program and regulatory approvals. Shire is acquiring the global rights to LIFITEGRAST.
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