Shire’s mission to become the largest specialty pharma company took another step towards reality with the acquisition of gastrointestinal specialty company Movetis, in a deal valued at $565 million. This move further strengthens Shire’s presence in the global GI market, with the addition of a significant product and pipeline portfolio. In addition, the deal provides Shire with a further foothold in the European market.

Shire intends to integrate the Movetis staff into key roles within the business, with Movetis CEO Dirk Reyn becoming head of the European business.

See deal record at Current Agreements | View 2010 M&A Scorecard

Dirk Reyn, Chief Executive Officer of Movetis, commented: “The management teams of Movetis and Shire believe that, together, we will be able to build on our knowhow, our existing European teams and our infrastructure to become a partner of choice for European GI specialists and optimise the commercialisation of Resolor alongside Mezavant in Europe. Taking our other assets in development into account, we have one of the strongest global and European product portfolios in gastroenterology”.

With the Movetis board already giving its full backing to the deal, it is likely the deal with complete later this year once shareholder approval has been obtained.