April 16, 2018 / 6:44 AM / 4 months ago

BRIEF-Shire Sells Oncology Business To Servier For $2.4 Billion

April 16 (Reuters) - Shire PLC:

* SHIRE ANNOUNCES SALE OF ONCOLOGY BUSINESS TO SERVIER FOR $2.4 BILLION

* PORTFOLIO ALSO INCLUDES CALASPARGASE PEGOL (CAL-PEG)

* SERVIER HAS AGREED TO ACQUIRE SHIRE’S ONCOLOGY BUSINESS AND PAY TOTAL CONSIDERATION IN CASH, UPON COMPLETION

* TRANSACTION HAS BEEN APPROVED BY BOARD OF DIRECTORS AND IS EXPECTED TO CLOSE IN SECOND OR Q3 OF 2018

* PROCEEDS FROM TRANSACTION INCREASE OPTIONALITY AND BOARD WILL CONSIDER RETURNING PROCEEDS OF SALE TO SHAREHOLDERS THROUGH SHAREHOLDER-APPROVED SHARE BUYBACK AFTER CURRENT OFFER PERIOD

* DEAL COVERS TRANSFER OF SHIRE’S ONCOLOGY BUSINESS INCLUDING IN-MARKET PRODUCTS ONCASPAR , EX-U.S. RIGHTS TO ONIVYDE Source text for Eikon: Further company coverage:

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