Shire completes takeover of NPS Pharmaceuticals

Shire has announced the completion of its acquisition of NPS Pharmaceuticals, a strategically important move that is expected to improve the company's growth prospects.

The technical details of the merger process were finalised on February 20th 2015, meaning NPS Pharma is now a wholly-owned subsidiary of the Shire group. The deal, which was announced in January, has been valued at $5.2 billion (3.38 billion pounds).

It is anticipated that Shire's global strength and expertise in both rare diseases and gastrointestinal medicines will complement NPS Pharma's rare disease capabilities.

NPS Pharma's first product, known as Gattex/Revestive, is approved in the US and Europe as a treatment for adults with short bowel syndrome who are dependent on parenteral support.

It also has a registration phase product, Natpara/Natpar, for the treatment of hypoparathyroidism.

Flemming Ornskov, Shire's chief executive officer, said: "Together, we aim to provide more patients and their families around the world with much needed medicines and enhanced support services."