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Business News

Shire in €428m deal for Movetis

Shire is set to buy the Belgian pharmaceutical group Movetis in a €428m (£354m) deal that will secure rights to Resolor, the €300m-a-year constipation treatment.

The €19-a-share deal is likely to go ahead after a number of Movetis's key backers, including the venture capital firm Sofinnova, backed the takeover. The offer is at a 74 per cent premium to Movetis's price on Monday.

The takeover of the gastrointestinal treatment specialist fits with Shire's business plan of bolting on groups with exposure to the specialist drug market.

"This proposed acquisition of Movetis provides a highly complementary fit for our [gastrointestinal] business unit and supports our strategy of expanding our specialty product portfolio into international markets," said Mike Cola, the president of Shire's specialty pharmaceutical business.