Abstract
Shire Pharmaceuticals, Andover, England, is acquiring Pharma, Laval, Quebec, Canada, for Shire stock valued at about $4 billion—one of the highest prices ever paid for a biotechnology company. The merger brings together Fharma's expertise in research and preclinical trials with Shire's competencies in later stage drug development and marketing. BioChem brings to us a worldclass ability in optimization of leads with superb chemistry, says Shire Chief Executive Rolf Stahel. Shire, in contrast, does not do its own basic research. Shire management will run the combined company, while cofounder and Chief Executive Francesco Bellini will become a director on Shire's board. The deal should be completed in the second quarter of 2001. According to Shire, purchasing BioChem, which focuses on cancer and infectious diseases such as AIDS and hepatitis B, will increase the range of drugs that Shire offers beyond its specialties of nervous system disorders, metabolic diseases, oncology, and gas...
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