Shire to acquire Advanced BioHealing
Shire plc (LSE:SHP; NASDAQ:SHPGY) will acquire Advanced BioHealing Inc. (Westport, Conn.) for $750 million in cash. The regenerative medicine company was looking to go public this week through the sale of 8.4 million shares at $14-$16. At the $15 midpoint, it would have raised $125.3 million and been valued at $597.3 million (see BioCentury, May 16).
Shire said the deal will allow it to establish a regenerative medicine business unit. Advanced BioHealing markets its human fibroblast-derived skin substitute Dermagraft in the U.S. to treat full-thickness diabetic foot ulcers. Advanced BioHealing reported 2010 revenues of $146.7 million. Shire markets a number of products, including ADHD drug Vyvanse lisdexamfetamine and Fabry's disease drug Replagal agalsidase alfa. ...