Shire completes acquisition of Movetis

Shire has announced that its 428 million euro (363.6 million pounds) deal to acquire fellow pharmaceutical company Movetis has been finalised.

As of November 2nd 2010, all shares in Movetis have been acquired by the company's Shire Holdings Luxembourg subsidiary and delisted from the Euronext Brussels stock exchange.

The announcement means that Movetis, a specialist in gastrointestinal medicines, has now become a part of Shire, after the takeover deal was agreed and ratified by the boards of both companies in August 2010.

This allows Shire to take control of a fast-growing business that recently launched Resolor, a new treatment for chronic constipation among women.

It is available in Germany and the UK and has been approved in 30 countries, while Movetis has also initiated a phase III trial to establish its efficacy among males.

Mike Cola, president of Shire's specialty pharmaceuticals business, said in August that the acquisition "provides a highly complementary fit for our gastrointestinal business unit and supports our strategy of expanding our specialty product portfolio into international markets".