IrelandIreland

Shire expands haematology business with virtual company

16.03.2012

Dublin – Irish drugmaker Shire plc has agreed to pay US-$100m in upfront for Ferrokin Biosciences Inc., a San Francisco-based specialist for iron chelation therapies. US-$225m could be added if certain milestones are achieved. FerroKin is a virtual company founded by Hugh Young Rienhoff in 2007. It is working on a once-daily oral capsule to treat chronic blood transfusion patients suffering from iron overload, which increases the risk of heart, liver or other organ failures. Lead candidate FBS-0701 is in Phase II testing. "An important factor for FerroKin BioSciences in agreeing to this transaction was Shire's drive, capability and vision to bring new products to the haematology market that promise to raise the standard of care for patients," Rienhoff said in a press release. "In Shire's hands, FBS-0701 has greater potential to fulfil that promise." FerroKin was financed by Burrill & Co., Clarus Ventures, HealthCap Ventures and MP Venture. The acquisition is a strategic fit for Shire which plans to build up its haematology business unit. Shire already sells Xagrid to treat the overproduction of blood platelets.

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In the USA it takes four days to establish a new company. In Europe, on average, it takes 45 days. In order to finally improve the starting conditions for technology-oriented companies, European parliamentarian and organization...

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Parma/Basel - The Swiss agribiotech and plant protection company Syngenta AG has filed an application for a new genetically engineered maize line, intended to facilitate ethanol fuel production, to the European Food Safety...

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Industry participation in the priority area 'health research' of the FP6 framework programme from the European Union has been boosted by a specific call for small-and medium-sized enterprises (SMEs) to apply for funding. SME...

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Brussels - European researchers have begun to identify DNA, protein, and RNA biomarkers that are characteristic in the prognosis of ovarian cancer. In April the European Commission earmarked Euro4.2 million for the next three...

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The 25 European heads of governments have frozen European Commission president Manuael Barroso's plans to set up a European think tank in the mould of the US-based Massachusetts Institute of Technology (MIT). At the end of March,...

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Strasbourg - The European Science Foundation has launched a call for proposals for collaborative research projects within the EUROCORES programme 'RNA quality' (www.esf.org/eurorna). The programme aims to increase the...

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Brussels - EU researchers will examine how tomato compounds can protect against heart disease within a new FP6 project, Lycocard. The scientists, who recently received a Euro5.2 million EU grant to be spread over five years, will...

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No liability assumed, Date: 16.04.2014

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