Shire to acquire New River Pharmaceuticals
UK company Shire has signed a definitive agreement to acquire New River Pharmaceuticals for approximately $2.6bn in cash for the fully diluted equity interest of New River.
UK company Shire has signed a definitive agreement to acquire New River Pharmaceuticals for approximately $2.6bn in cash for the fully diluted equity interest of New River.
'We are delighted to be entering into this transaction with Shire, which will assume full responsibility for the commercialisation of Vyvanse, as well as the development of our other pipeline compounds,' said Randal J. Kirk, New River's founder, chairman and ceo.
The transaction has been unanimously approved by both companies' boards of directors. New River and Shire expect the tender offer to be commenced by 2 March 2007, and to close early in the second quarter. Consummation of the tender offer is subject to approval of the transaction by Shire's shareholders, as well as the satisfaction of certain customary conditions.
'We are proud of the accomplishments of the New River team over the past 10 years, and have confidence in Shire's commitment and ability to optimise the therapeutic and commercial potential of the New River portfolio,' added Kirk. 'Shire has a proven track record of success in developing and commercialising products, as evidenced by the success of the Adderall XR franchise.'