Shire, ViroPharma deal
Shire will acquire ViroPharma for $50 per share in cash, which the companies said values ViroPharma at $4.2 billion. The price is a 27% premium to ViroPharma's close of $39.38 on Nov. 8, before the deal was announced, and a 64% premium to ViroPharma's close of $30.47 on Sept. 12, before the company jumped on rumors of a possible auction after receiving an unsolicited bid.
Shire will gain ViroPharma's Cinryze complement 1 (C1) esterase, which the company markets in the U.S. and EU for prophylactic treatment of hereditary angioedema (HAE). ViroPharma reported $323.9 million in revenues for the nine months ended Sept. 30 and has forecasted annual revenues of $445-$465 million for 2013. Shire, which reported $3.7 billion in revenues for the same period, already markets Firazyr icatibant in the U.S. and EU to treat acute HAE attacks. The boards of both companies have approved the deal, which is expected to close this quarter or next quarter. Lazard and Morgan Stanley are advising Shire, and Goldman Sachs is advising ViroPharma. Davis, Polk & Wardwell is Shire's legal advisor and Skadden, Arps, Slate, Meagher & Flom is ViroPharma's legal advisor. ...