Pharmavene, Shire Pharmaceuticals Group PLC deal

SHP plans to acquire Pharmavene for £55.5 million ($90.5 million) in cash and stock, including $25 million in cash and $65.5 million in newly issued shares. SHP raised £13 million (US$21.2 million) in an offering, which the company will use to partially fund the cash commitment.

Pharmavene is developing a portfolio of drug delivery and screening technologies in central nervous system and metabolic bone diseases. The company's lead product is Carbatrol, a sustained-release formulation of carbamazepine to treat epilepsy. The product is under review at the FDA. ...