Tuesday, October 21, 2014
Inquirer Daily News

Shire buys SARcode Bioscience for at least $160 million

The drugmaker with U.S. headquarters in Wayne will acquire a California company that has been developing a treatment for dry eyes.

Shire buys SARcode Bioscience for at least $160 million

Shire P.L.C. will buy SARcode Bioscience Inc., which is developing a treatment for dry eyes, in a deal worth at least $160 million.

The pharmaceutical company, which has its U.S. headquarters in Wayne, said the acquisition will give it control of a compound called Lifitegrast, which is currently in late-stage clinical trials.

About 25 million people in the United States are thought to suffer from dry eye disease, of which 9 million are candidates for prescription drug treatment, Shire said.

SARcode, based in Brisbane, Calif., is privately held. American depositary receipts of Shire closed down 0.1 percent or 9 cents to $90.61 in trading Monday.

Shire, with global headquarters in Dublin, Ireland, said that terms of the agreement call for additional payments should SARcode's lead product attain certain milestones. The transaction is scheduled to close during the second quarter.

Mike Armstrong Inquirer Columnist
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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