{"id":22811,"date":"2012-03-15T11:58:00","date_gmt":"2012-03-15T11:58:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/shire-shpgy-to-acquire-ferrokin-biosciences\/22811\/"},"modified":"2012-03-15T11:58:00","modified_gmt":"2012-03-15T11:58:00","slug":"shire-shpgy-to-acquire-ferrokin-biosciences","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/shire-shpgy-to-acquire-ferrokin-biosciences\/22811\/","title":{"rendered":"Shire &#8211; SHPGY &#8211; To acquire FerroKin BioSciences"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2012\/03\/Shire.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-22813\" title=\"Shire\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2012\/03\/Shire.png\" alt=\"\" width=\"157\" height=\"64\"><\/a>Shire plc (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=SHPGY\">NASDAQ: SHPGY<\/a>),<\/strong> the global specialty biopharmaceutical company, announces that it has signed an agreement to acquire FerroKin BioSciences, Inc., for an upfront payment of $100 million, payable in cash at closing, plus potential post-closing milestone payments of up to $225 million, depending upon the achievement of certain clinical development, regulatory and net sales targets.<\/p>\n<ul>\n<li>A strategic step in building Shire\u2019s hematology business (which already includes Xagrid and a growing development pipeline)<\/li>\n<li>Adds a differentiated product in development (iron chelator FBS0701), with global rights, in a global market currently worth over $900 million and growing<\/li>\n<li>Serves chronic patient need for treatment of iron overload following numerous blood transfusions.\u00a0 Excess iron in vital organs such as the liver and heart increases the risk of organ failure and is the principal cause of death in transfusion-dependent patients<\/li>\n<li>Consistent with Shire strategy of developing and commercializing differentiated specialist products prescribed by specialist physicians (hematologists\/ hematologist-oncologists) served by a small sales force<\/li>\n<li>FBS0701 will be developed to demonstrate clinical efficacy and an attractive safety profile relative to currently approved chelating agents:<\/li>\n<ul>\n<li>Global filing planned for indications for Myelodysplastic Syndrome and hemoglobinopathies initially<\/li>\n<li>Phase 2 studies underway with additional trials planned<\/li>\n<li>Potential launch as early as 2016<\/li>\n<\/ul>\n<\/ul>\n<p>SHPGY\u2019s Specialty Pharmaceuticals Senior Vice President, Hematology, Ross Murdoch says:<\/p>\n<p>\u201cThere remains a significant unmet need for a once-a-day, oral iron chelator in a convenient dosage form for the treatment of transfusional iron overload with a better safety profile than currently available treatments.\u00a0 We believe FBS0701 has the potential to meet that need.\u00a0 We hope to use our expertise in hematology coupled with our proven ability to progress products through the development pipeline to bring FBS0701 to the global marketplace.\u00a0 This acquisition marks an important step for SHPGY in building a business that serves the growing needs of specialty hematologists and their patients.\u201d<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>FerroKin BioSciences\u2019 key employees, including Founder and CEO, Dr. Hugh Young Rienhoff, Jr. will provide consulting services to SHPGY during the transition period. \u00a0\u201cAn important factor for FerroKin BioSciences in agreeing to this transaction was Shire\u2019s drive, capability and vision to bring new products to the hematology market that promise to raise the standard of care for patients.\u00a0 In S SHPGY\u2019s hands, FBS0701 has greater potential to fulfill that promise,\u201d said Dr. Rienhoff.<\/p>\n<p>The closing of the acquisition is subject to customary conditions, including<\/p>\n<p>(i)\u00a0adoption of the Merger Agreement by a required proportion of FerroKin\u2019s equityholders;<\/p>\n<p>(ii) holders of no more than 2% of FerroKin\u2019s capital stock having exercised or being entitled to exercise appraisal rights under Delaware law and<\/p>\n<p>(iii) the absence of a material adverse effect on FerroKin BioSciences.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-end-marginally-lower\/22936\"><br \/>\nGold Prices End Marginally Lower<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-on-a-mixed-note-24\/22935\"><br \/>\nStocks End on a Mixed Note<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-remain-in-red-in-mid-day-trading-silver-prices-marginally-higher\/22906\"><br \/>\nGold Remain in Red in Mid-Day Trading; Silver Prices Marginally Higher<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-struggle-for-direction-10\/22905\"><br \/>\nStocks Struggle for Direction<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/penn-national-gaming-penn-agreement-with-state-of-ohio-regarding-the-relocation-of-its-two-racetracks\/22901\"><br \/>\nPenn National Gaming &#8211; PENN &#8211; Agreement with State of Ohio Regarding the Relocation of Its Two Racetracks<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/valhi-inc-vhi-3-for-1-split-of-its-common-stock\/22898\"><br \/>\nValhi, Inc. &#8211; VHI &#8211; 3-for-1 split of its common stock<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/sanofi-sny-to-acquire-pluromed\/22896\"><br \/>\nSanofi &#8211; SNY &#8211; To Acquire Pluromed<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Shire plc (NASDAQ: SHPGY), the global specialty biopharmaceutical company, announces that it has signed an agreement to acquire FerroKin BioSciences, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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