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Shire to Acquire SARcode Bioscience, Expands Presence in Ophthalmology
Date:3/25/2013

ess for our company, given the significant growth opportunities in this therapeutic area as well as Shire's proven expertise in specialist markets."

The global ophthalmic pharmaceutical market, valued at approximately $13 billion in 2012 with a compound annual growth rate of 4.5 percent, is consistent with Shire's focus on the specialty market. There are approximately 42,000 office-based ophthalmologists, optometrists and retinal specialists in the United States.

Under the terms of agreement, Shire will make an upfront payment of $160 million and SARcode shareholders will be eligible to receive additional undisclosed payments upon achievement of certain clinical, regulatory, and/or commercial milestones. The transaction is expected to close in the second quarter, subject to regulatory approval in the United States, and other customary closing conditions.  

The acquisition of SARcode will introduce a new late-stage phase 3 clinical program to Shire's research and development portfolio. Shire is currently conducting a prioritization review of its portfolio to accommodate this new expenditure in 2013.

Barclays acted as financial advisor to Shire and Davis Polk LLP acted as legal counsel to Shire.  J.P. Morgan Securities LLC acted as financial advisor to SARCode  and Wilson Sonsini Goodrich & Roasati acted as legal counsel to Sarcode.

LIFITEGRAST and its Clinical Development Program

LIFITEGRAST, a small-molecule integrin antagonist, is believed to work by reducing inflammation through binding inhibition of the proteins lymphocyte function - associated antigen 1 (LFA-1) and intercellular adhesion molecule-1 (ICAM-1), influencing T-cell activation and cytokine (protein) release. The interaction between these two proteins plays a key role in the chronic inflammation associated with dry eye. T-cells are important components of the i
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