Shire PLC’s $2.6 billion all-cash acquisition of its lisdexamfetamine dimesylate (Vyvanse) partner New River Pharmaceuticals Inc. isn’t exactly a surprise, even if the timing of the late February deal—only a few days prior to the approval of the companies’ potential blockbuster once-a-day ADHD therapy—was somewhat unexpected. [See Deal] What’s more, the deal’s valuation is another reminder of biotechs’ growing leverage over their pharmaceutical partners. Many will continue to extract top dollar from specialty and Big pharmaceutical acquirers.
That unorthodox deal timing was, according to Shire management, a reflection of its comfort level with Vyvanse’s prospects and anticipated...
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