Shire Pharmaceuticals Group announced today that it has signed a definitive agreement to acquire Transkaryotic Therapies…
…in an all cash transaction valued at $37 per outstanding TKT share, or approximately $1.6 billion. The acquisition is consistent with Shire’s strategy and highly complementary to Shire’s business model to develop and market products for specialty pharmaceutical markets.
Shire Chief Executive Officer, Matthew Emmens, said, “This is an important and complementary acquisition that delivers on our strategy and brings to us a new, sustainable area of specialty pharmaceutical expertise in a market where there are only a small number of players. We expect that TKT’s protein-based drugs and clinical development pipeline based on a proven technology platform will enable us to diversify and broaden our revenue base while continuing to grow our profits and further build our pipeline and platform for growth. We believe that this acquisition positions us well for the near and long term. We are looking forward to the prospect of working with our new colleagues from TKT.
“Shire continues to perform in line with the guidance given at its preliminary results announcement on March 2, 2005 and will announce Q1 results on April 29, 2005.”
Chief Executive Officer of TKT, David D Pendergast, Ph.D., said: “We are extremely gratified that Shire has recognized the value of our business and the dramatic progress we have made, particularly, in the last two years. We believe the substantial resources and capabilities of Shire can accelerate the commercial opportunities of our products and future product candidates.”
TKT is a US-based biopharmaceutical company researching, developing and commercializing therapeutics primarily for the treatment of rare genetic diseases caused by protein deficiencies. TKT currently has one marketed product, REPLAGAL; a second product approved for marketing, DYNEPO; and multiple additional products in various stages of development. TKT is quoted on NASDAQ with the ticker, TKTX.
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