Save this content for laterSave this content on your device for later, even while offline Sign in with FacebookSign in with your Facebook account Close

Shire buying liver disease drug maker for $260M

By: The Associated Press
May 12, 2014 Updated: May 12, 2014 at 10:46 am
0

NEW YORK (AP) — Irish drugmaker Shire said Monday it will buy privately-held Lumena Pharmaceuticals for more than $260 million in a deal that gives Shire new experimental treatments for liver diseases.

Shire said it will make another payment when the sale closes, and it could make additional payments based on results from studies of Lumena's drugs. The amounts of those payments were not disclosed.

It said Lumena's products will fit in with its treatments for gastrointestinal diseases, including the ulcerative colitis drugs Lialda and Pentasa, and Resolor, which is approved as a treatment for chronic constipation in women. Shire reported $800 million in revenue from gastrointestinal disease treatments in 2013.

Shire said Lumena's drug LUM001 is being studied as a treatment for four rare liver diseases. The drug is in mid-stage clinical studies and could be approved in 2016. It said a second drug, LUM002, is ready for mid-stage testing as a treatment for non-alcoholic steatohepatitis. Non-alcoholic steatohepatitis, or NASH, is a chronic liver disease that can cause inflammation and scarring, which may lead to cirrhosis, liver failure and death.

Shire said Lumena's products could be approved as orphan drugs, which would give them additional marketing exclusivity and bolster sales. It said the purchase of the San Diego company shouldn't affect its guidance in 2014.

U.S. shares of Shire PLC lost $1.40 to $166.75 in morning trading Monday. Its shares had risen 19 percent so far this year through Friday's close.

Register to the Colorado Springs Gazette
Incognito Mode Your browser is in Incognito mode

You vanished!

We welcome you to read all of our stories by signing into your account. If you don't have a subscription, please subscribe today for daily award winning journalism.

Register to the Colorado Springs Gazette
Subscribe to the Colorado Springs Gazette

It appears that you value local journalism. Thank you.

Subscribe today for unlimited digital access with 50% fewer ads for a faster browsing experience.

Already a Subscriber? LOGIN HERE

Wake up with today's top stories in your inbox

Wake up with today's top stories in your inbox

or
Already a print subscriber?
Already a digital subscriber?
 
This is your last FREE article for the month
This is your last FREE article for the month

Subscribe now and enjoy Unlimited Digital Access to Gazette.com

Only 99 cents for Unlimited Digital Access for 1 month
Then $2.31/week, billed monthly, cancel anytime
Already a print subscriber?
Already a digital subscriber?

 
You have reached your article limit for the month
You have reached your article limit for the month

We hope that you've enjoyed your complimentary access to Gazette.com

Only 99 cents for Unlimited Digital Access for 1 month
Then $2.31/week, billed monthly, cancel anytime
Already a print subscriber?
Already a digital subscriber?

 
articles remaining
×
Thank you for your interest in local journalism.
Gain unlimited access, 50% fewer ads and a faster browsing experience.