Shire announces deal to buy US group for $750 mln | business | Hindustan Times
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Shire announces deal to buy US group for $750 mln

British pharmaceuticals group Shire on Wednesday said it had agreed to buy US company and tissue repair specialist Advanced BioHealing for $750 million (526 million euros) in cash.

business Updated: May 18, 2011 12:26 IST

British pharmaceuticals group Shire on Wednesday said it had agreed to buy US company and tissue repair specialist Advanced BioHealing for $750 million (526 million euros) in cash.

Under the deal, Shire will acquire the US group's skin substitute product Dermagraft, which is used to treat diabetic foot ulcers.

"The potential to build on the success of Dermagraft is attractive," said Mike Cola, president of Shire's Specialty Pharmaceuticals business.

"It's already a leading product providing a solution for a common complication suffered by diabetics in the US that, if not treated effectively, can lead to lower limb amputation and high cost to patients and society," he added in Shire's statement.