In the recent analyst call for Shire’s Q2 results, CEO Flemming Ornskov suggested that the company was still scouting for acquisitions which would bolster the pipeline in the strategic areas he has set out as priorities. Cognizant that valuations are looking stretched in some areas of biotech, not least rare diseases, the Shire philosophy was seemingly was to look for good value.
Well, they didn’t have to look too long, as they today announced the acquisition of a small private biotech, Foresight BioTherapeutics, who Shire have acquired for their ophthalmology treatment for pink eye. The deal valued at $300m sees Shire return to smaller, innovation led deals similar to the Lumena deal they did in GI. It continues the strategy of building through buying that Shire has so successfully prosecuted in the past.