Movetis, Shire deal
Shire proposed to acquire Movetis for €19 per share, or €428 million ($559.5 million) in cash. The price is a 74% premium to Movetis' closing price of €10.90 on Aug. 2, the day before the deal was announced.
Shire said the deal would broaden its gastrointestinal portfolio and expand its presence in Europe, where Movetis markets Resolor prucalopride for chronic constipation in women in whom laxatives fail to provide adequate relief. Resolor is also in clinical testing for constipation in other populations. Movetis has rights to the serotonin (5-HT4) receptor agonist in Europe from Johnson & Johnson (NYSE:JNJ, Brunswick, N.J.), which spun out Movetis in 2006. Movetis is eligible for royalties on ex-European sales of Resolor from JNJ. Shire markets Lialda mesalamine for ulcerative colitis. ...