first_img Tags: NULL DRUGS firm Shire launched its €19-a-share offer for Belgian gastro-intestinal specialist Movetis yesterday, as the company pushes ahead with its plans for international expansion. Movetis investors have until 26 September to accept the offer, which values the firm at €428m (£358m) including its €100m cash pile. Movetis management have unanimously recommended the offer to shareholders, which represents a premium of 74 per cent on stock prices before the bid was first announced on 3 August. Institutional investors Sofinnova Partners, Sofinnova Ventures, and Life Sciences Partners, which together make up 38.9 per cent of shares, have already agreed to sell. Shire said yesterday it believes the acquisition will make money from 2012. The tender offer is being funded by existing cash resources and executed through the company’s Luxembourg-based subsidiary. The acquisition would give Shire the rights to Resolor, which treats chronic constipation in women in 27 countries of the European Union and elsewhere. Shire estimates potential annual peak sales of Resolor of more than €300m.The purchase will boost the acquisitive drugmaker’s gastro-intestinal business, which is currently the smallest of its three areas of operation. The takeover is one of several deals being thrashed out in the pharmaceutical sector. French drugs giant Sanofi-Aventis said yesterday it would be prepared to moderately raise its $69 per share (£44.7) offer for Genzyme, after the US firm rejected an all-cash $18.5bn offer last week. Shares in Shire closed 0.55 per cent up at £14.59 yesterday, while Movetis remained flat at €18.84. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search Adsautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Share whatsapp Shire begins £358m offer for Movetis center_img Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof KCS-content Show Comments ▼ whatsapp Monday 6 September 2010 8:29 pmlast_img