Shire Pharmaceuticals received a boost late last week after Transkaryotic Therapies’ shareholders unanimously voted in favour of the former’s acquisition of the company.
Shire agreed to buy TKT back in April in a $1.6 billion dollar – or $37 per share – deal [[22/04/05d]]. However, the route to winning shareholder approval has not been without its ups and downs. Earlier this year, a key TKT shareholder criticised the price tag for not adequately reflecting the firm’s value, claiming this had increased substantially in the wake of the release of positive data from a key trial of its Hunter syndrome drug [[21/06/05c]], [[04/07/05d]]. Last week, the firm’s board of directors sent an open letter to its shareholders urging them to vote in favour of the merger, saying that if the deal did not go through, the copany would have to complete "significant financing" by the fourth quarter of this year [[13/07/05d]].
The acquisition, which is expected to “significantly enhance” Shire’s medium- and long-term product sales and earnings per share growth, brings with it two approved products – Fabry disease therapy Replagel (agalsidase alfa) and the anti-anaemia treatment, Dynepo (epoietin delta) – and two late-stage clinical development products.