With Dermagraft Sale, Shire plc Jettisons Business Acquired 3 Years Ago
1/22/2014 7:38:10 AM
Shire (NASDAQ: SHPG) engendered some high expectations after the Irish biopharmaceutical giant acquired San Diego’s Advanced BioHealing in 2011 for $750 million. Over the next year or so, Shire formed a new San Diego-based division—Shire Regenerative Medicine—and unveiled plans to spend $100 million on a new corporate campus that would serve as the cornerstone for a new billion-dollar business. But Shire’s vision changed soon after Danish physician Flemming Ornskov took over as CEO last year—and the pharma’s plans for regenerative medicine came to an abrupt end when Shire said last week it would sell Advanced BioHealing’s Dermagraft business to Organogenesis of Canton, MA.
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