LONDON Jan 8 British drugmaker Shire
reassured investors that it was on target to meet 2013 earnings
expectations and said it was boosting its genetic drugs line
with a new acquisition.
The company, which has expanded by acquiring late-stage or
already marketed drugs in niche areas, had a weak third quarter,
missing market expectations as it faced increased generic
competition for its hyperactivity drug.
However, outgoing CEO Angus Russell will tell investors at a
healthcare conference in San Francisco that the company "is now
increasingly confident of meeting current consensus earnings
expectations for 2013", Shire said in a statement on Tuesday.
Analysts forecast earnings per share of $2.20 in 2013,
according to Thomson Reuters I/B/E/S estimates.
The company also reiterated that it would post double-digit
earnings growth in 2012.
Earlier on Tuesday Shire said it had agreed to buy Lotus
Tissue Repair, a U.S. biotechnology company developing the first
treatment for a rare genetic disorder that causes extremely
fragile skin and recurrent blister formation.
Shire said the purchase, for an undisclosed sum, would boost
the pipeline of its Human Genetic Therapies unit, which makes
protein therapies for genetic conditions such as Hunter's
Syndrome and Fabry and Gaucher diseases.
Lotus Tissue Repair's lead product candidate, which is in
late pre-clinical development, is a protein replacement therapy
for the treatment of dystrophic epidermolysis bullosa (DEB),
"DEB ... (impacts) the lives of patients and their families,
many of whom have few or no treatment options other than
palliative care," said Philip J. Vickers, head of R&D at Shire
Human Genetic Therapies.
Shares in FTSE 100-listed Shire closed up 2.6 percent at
1,963 pence, their highest level since September.