Shire to Acquire ViroPharma for $50.00/Share in Cash
Shire (NASDAQ: SHPG) and ViroPharma Incorporated (NASDAQ: VPHM) today announce that their Boards of Directors have unanimously approved, and the companies have entered into, a merger agreement pursuant to which Shire will acquire all the outstanding shares of the rare disease company ViroPharma for $50 per share in cash, for a total consideration of approximately $4.2 billion. The $50 per share price in the transaction represents a 27% premium to ViroPharma's closing share price on Friday, November 8, 2013, the last trading day prior to announcement, and a 64% premium to ViroPharma's unaffected share price of $30.47 on September 12, 2013.
ViroPharma is a high growth, rare disease biopharmaceutical company, whose commercial product CINRYZE® (C1 esterase inhibitor [human]), is a leading brand for the prophylactic treatment of Hereditary Angioedema (HAE).
Shire transaction highlights
Excellent strategic fit
Expands rare disease portfolio which Shire is strategically committed to strengthen
Adds CINRYZE, with growing sales in the prophylactic treatment of HAE, which complements Shire's FIRAZYR® (icatibant injection)
Enhances Shire's short and long term revenue growth profile
Expected annual cost synergies of approximately $150 million by 2015, over and above the improved operating leverage already