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Shire Proposes to Expand Specialist Gastrointestinal Portfolio
Date:8/3/2010

    DUBLIN, August 3, 2010 /PRNewswire-FirstCall/ --

    - Proposed recommended cash acquisition of specialty gastrointestinal
      (GI) company Movetis NV for a fully diluted equity purchase price of
      EUR428 million in cash. As at March 31, 2010, their last reporting
      date, Movetis held EUR100 million in cash; based on this the
      enterprise value of Movetis (less cash) would be EUR328 million
    - Strong strategic fit with Shire's growing core GI business; RESOLOR(R)
      brings an additional approved GI medicine with strong patent
      protection addressing a symptomatic unmet need
    - The acquisition of Movetis is value and growth enhancing, will be
      earnings accretive after 2012, and adds immediate revenues from the
      recently launched RESOLOR to Shire's GI portfolio
    - Proposed acquisition of Movetis brings to Shire world-class research
      and development talent and a promising GI pipeline, offering additional
      opportunities that include two projects in early clinical development
      and several pre-clinical leads as well as the rights to a large library
      of qualified lead compounds with potential for development in different
      GI indications
    - Broadens Shire's international specialty product portfolio and further
      expands its ex-US business
    - Movetis has rights to RESOLOR in the 27 countries of the European
      Union, plus Iceland, Lichtenstein, Norway and Switzerland. RESOLOR is
      approved in 30 of these countries and is already launched in Germany
      and the UK. Shire anticipates further launches in other European
      countries in the next 12 months. Movetis is entitled to receive
      royalties on sales of RESOLOR outside of Europe from Johnson & Johnson
    - RESOLOR is a new chemical entity with composition of matter patent
      protection extending through 2020 and Shire estimates potential annual
      pea
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SOURCE Shire plc
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