ID Biomedical, Shire Pharmaceuticals Group plc deal

SHP will sell its vaccine business, Shire Biologics, to vaccine company IDB for $120 million. SHP will receive $60 million in cash through two equal payments at closing and 12 months later. The remaining $60 million will be paid in about 5.4 million IDB shares or cash in the first 22 months following closing. In 2003, the vaccines business generated revenues of $24.8 million and a net operating loss of $21.9 million. ...