Shire has concluded the divestiture of its Oncology unit to French pharmaceutical company Servier for a total consideration of $2.4bn.
The deal covers global rights to Oncaspar, along with ex-US and ex-Taiwan rights to Onivyde and additional oncology pipeline assets.
Shire Global Genetic Diseases and Oncology franchises former head David Lee will become the CEO of Servier’s new US commercial subsidiary, Servier Pharmaceuticals.
Shire CEO Flemming Ornskov said: “The closing of this transaction demonstrates the value embedded in our portfolio and our continued focus on executing against our strategic priorities.
“I am confident that Servier will continue to bring these important therapies to patients worldwide.”
Servier expects the acquisition to offer the company a direct commercial presence in the US, as well as bolster its oncology portfolio in other countries.
Servier Pharmaceuticals will market the company’s products in the US. The new subsidiary currently has 80 employees and will work towards establishing strong sales presence in the country.
In markets outside the US, Servier will market Oncaspar and Onivyde and will gain around 75 employees from Shire.
Oncaspar is a component of multi-agent therapy for acute lymphoblastic leukemia (ALL), while Onivyde is intended to treat metastatic pancreatic cancer after gemcitabine-based therapy.
Servier president Olivier Laureau said: “This acquisition is a major step in achieving the Servier group’s ambition. It marks the launch of Servier’s commercial activities in the world’s largest pharmaceutical market – the US – and significantly strengthens its portfolio of oncology drugs.
“It is part of Servier’s twofold strategy: to continue to treat an increasing number of patients with innovative medications across the world and become a world reference in oncology.”
Shire originally entered an agreement to sell the Oncology franchise in April this year as part of its strategy to focus on core areas and the rare diseases market.