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Shire to buy Transkaryotic for $1.6B
LOS ANGELES April 21, 2005 - Shares of Transkaryotic
Therapies Inc. jumped in morning trading after Shire Pharmaceuticals Group
PLC said it would buy the company for $1.6 billion.
The all-cash deal amounts to $37 a share, which is $6.56 above Wayne,
Pa.-based Transkaryotic's closing price on Wednesday. U.K.-based Shire said
in a press release that the deal is geared toward its strategy of developing
and marketing products for specialty pharmaceutical markets.
Transkaryotic (TKTX) soared by $5.57, or 18.3%, to $36.01 on the news while
Shire (SHPGY) was off $2.02, or 5.9%, to $32.58.
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