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Shire buys New River

20th February 2007

UK pharmaceutical giant Shire has agreed a deal of $2.6bn in cash to buy US drugs group New River Pharmaceuticals.

The US pharmaceutical company specialises in treatments for attention deficit and hyperactivity disorder (ADHD) which is Shire’s main area of activity and comes after Shire and New River successfully collaborated on an ADHD treatment known as Vyvanse.  Vyvanse is likely to be approved for treatment by The US Food and Drug Administration by the end of the week.

Vyvanse is expected to replace Shire’s Adderall XR as the leading brand in the US ADHD market.  Adderall currently enjoys a quarter of the ADHD market share in the US with sales of $863.6m in 2006.  Shire’s takeover of New River allows the UK group better access to the booming US ADHD market which is valued at $3.3bn annually.  Matthew Emmens, Shire’s chief executive, said, “Based on Vyvanse’s expected profile, we believe it has the potential to be the next generation stimulant product to Adderall XR?.

Shire said it would be paying for the deal using current borrowings and by issuing new shares.  The Basingstoke-based company is the UK’s third largest pharmaceutical group.

 

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