Shire rallies 4.3% after Takeda takeover deal

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Shire to sell oncology unit to Servier for $2.4 billion

Shire PLC on Monday said it has entered into an agreement to sell its oncology unit for $2.4 billion to privately held French pharmaceutical group Servier S.A.S. The sale comes as the Dublin-headquartered Shire has concluded the unit isn’t core to its long-term strategy, said Flemming Ornskov, chief executive officer, in a statement. “We will continue to evaluate our portfolio for opportunities to unlock further value and sharpen our focus on rare disease leadership with selective disposals of non-strategic assets,” Ornskov said. He added that Shire will consider returning the proceeds of the sale to shareholders through a buyback, but not until the end of a current offer period related to a possible takeover by Japan’s Takeda Pharmaceutical Co. . Takeda announced those intentions last month.

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