BRIEF—Shire completes sale of oncology franchise

Ireland-headquartered rare disease specialist Shire today said it has completed the  previously announced sale of its oncology franchise to independent French drugmaker Servier for $2.4 billion.

The franchise includes the global rights to in-market products Oncaspar (pegaspargase), a component of multi-agent treatment for acute lymphoblastic leukemia (ALL) and ex-US rights to Onivyde (irinotecan pegylated liposomal formulation).

David Lee, who was previously the head of Shire’s global genetic diseases and oncology franchises, will continue with Servier as chief executive of its new US commercial subsidiary, Servier Pharmaceuticals.

The Oncology sale proceeds are expected to enable Shire, the subject of an acquisition by Japan’s Takeda, to further reduce its leverage.