Deals
Shire Hits ‘Sweet Spot’ With $750 Million U.S. Acquisition
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Shire Plc, the Irish maker of treatments for attention-deficit disorder, said it agreed to buy closely held Advanced BioHealing Inc. for $750 million in cash, a day before the biotechnology company was to go public.
Advanced BioHealing’s lead product is Dermagraft, a bio-engineered skin substitute used to treat diabetic foot ulcers, Dublin-based Shire said yesterday in a statement. Advanced BioHealing planned an initial public offering today that would have valued the company at as much as $637.1 million, according to regulatory filings. It was offering 13.4 million shares priced from $14 to $16.