Biopharmaceutical company Shire said it will acquire Westport, Conn.-based biotechnology company Advanced BioHealing for $750 million in cash.
Irish company buying Conn. biotech firm
Advanced BioHealing markets Dermagraft, which is approved in the U.S. to treat diabetic foot ulcers.
Dublin-based Shire said in the news release that there is a “high medical need” in a “growing and under-penetrated market” for the treatment of slow-healing diabetic foot ulcers, which affect roughly 538,000 people in the U.S. each year.
Dermagraft generated $146 million in sales in 2010, making up 5% of the $3 billion market to treat slow-healing diabetic foot ulcers. Shire will establish a new business unit as a result of the acquisition, according to the news release.
Advanced BioHealing had been expected to file an initial public offering this week, according to multiple news outlets.
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