Shire Buys Advanced BioHealing for $750 Million
Irish drug giant Shire (NASDAQ: SHPGY) is making a big push into regenerative medicine by shelling out $750 million in cash for Advanced BioHealing, according to a press release. Advanced BioHealing–which is based in Westport, CT, and has manufacturing and lab space in La Jolla, CA—makes Duragraft, a bio-engineered skin substitute used to treat diabetic foot ulcers. The product brought in $146 million in sales last year. Shire said in the statement that Advanced BioHealing “compliments Shire’s existing specialty focus and biologics manufacturing capability.” The deal comes just one week after Shire CEO Angus Russell told journalists in New York (including Xconomy) that the company is looking to boost its capabilities in regenerative medicine.