Shire forges $565M buyout deal for Movetis

Seeing a nice fit in the GI arena of specialty pharma and an open door to a bigger European presence, Shire has agreed to pay $565 million for Movetis (MOVE), a Belgian biotech which has one product on the market. Movetis's board has already agreed to Shire's offer of €19 per share, a 74 percent premium over yesterday's close. "This offer is a further remarkable milestone in Movetis' brief and dynamic history," said Staf Van Reet, the chairman of the board. "In October last year we...