Shire Closes Sale Of Oncology Franchise - Quick Facts

(RTTNews) - Shire plc (SHP.L, SHPG) announced completion of sale of its Oncology franchise to Servier S.A.S. for $2.4 billion. The franchise includes the global rights to ONCASPAR and ex-US and ex-Taiwan rights to ONIVYDE, as well as Oncology pipeline assets.

David Lee, who was previously the head of Shire's Global Genetic Diseases and Oncology franchises, will continue with Servier as CEO of its new US commercial subsidiary, Servier Pharmaceuticals.

Shire expects oncology sale proceeds to enable to further reduce its leverage. Shire will update its financial guidance, including the impact of the Oncology sale, as part of the third quarter earnings announcement later this year.