Shire up on bid talks March 16th, 2008
Shire Pharmaceuticals (SHP.L) rose 47p (4.98%) to 990p amid speculation that Pfizer, the US drug giant is considering a £13 a share offer. The mid-cap company is likely to be the centre of such speculation from larger competitors as the sector looks to consolidate. Indeed GSK and AZ are also rumoured to have been interested in Shire.
Shire has developed well regarded drugs, with its Human Genetic Therapies (HGT) franchise expected to provide nearly 30% of its sales revenue by 2011. Such an earnings stream will bolster any suitors income.
