Market Report: Berenberg says Shire Pharmaceuticals is worthy of investors' attention

Forget AbbVie, Shire Pharmaceuticals is now a proper business in its own right. So say analysts at Berenberg, who suggest the company’s rare disease drug pipeline alone is worthy of the attention of investors.

Much of the interest has surrounded a possible takeover, with the US pharma giant walking away from a possible £32bn deal last year after opposition to “tax inversion” deals. But Berenberg’s number crunchers suggest buying shares in Shire, up 60p at 5,500p, for reasons besides a possible buyout.

“We believe that Shire has successfully refocused as a standalone business following the collapse of the planned AbbVie acquisition in October last year, and is transforming itself into a true specialty pharma company with a robust rare disease pipeline,” its analysts said.

The broker has a buy recommendation and a 6,300p target price.

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