Shire agrees takeover of Advanced BioHealing
18 May 2011 00:00 in Pharmaceutical Company Restructures
Shire has announced that it is expanding its presence in the regenerative medicine market through the acquisition of Advanced BioHealing.
The deal has been valued at $750 million (463.28 million pounds), which will be financed via the company's existing cash resources.
It will allow Shire to establish a new regenerative medicine business unit by taking over a company with proven experience in this field, as well as an attractive product portfolio that includes the regenerative bio-engineered skin substitute Dermagraft.
Shire states that Advanced BioHealing's capabilities and commercial focus complement its strategic focus and will allow it to capitalise on the growth of an underserved market.
Mike Cola, president of Shire's specialty pharmaceuticals business, said: "With Advanced BioHealing's team joining Shire, we can build Advanced BioHealing into an exciting new business providing regenerative medicine for patients' unmet needs."
Earlier this month, the company published its financial report for the first three months of 2011, during which it experienced a 24 percent year-over-year increase in sales.
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