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Pharma company completes sale of vaccines business to ID Biomedical.
2004 OCT 6 - (NewsRx.com & NewsRx.net) -- Shire Pharmaceuticals Group plc (Shire) (LSE: SHP, NASDAQ: SHPGY, TSX: SHQ) and ID Biomedical Corporation (ID Biomedical) (TSX: IDB; NASDAQ: IDBE) announced that they have closed the sale of Shire's vaccines business to ID Biomedical.
All conditions precedent to this transaction, which included Canadian Competition authorities' approval and various consents under Canadian government contracts, have now been satisfied.
Shire's Chief Executive, Matthew Emmens commented: "ID Biomedical is the ideal company to take the vaccines business further. In recent weeks an integration team from both companies has been working to close this transaction and I am very pleased that this deal has reached its conclusion. Our R&D investment going forward will now be dedicated to supporting our clear therapeutic focus and the development of the later stage products in our pipeline."
Said Anthony Holler, ID Biomedical's chief executive officer: "This acquisition gives ID Biomedical the ability to fully develop and manufacture all of our products in development. This capability will translate into a significant share of product revenues from our codevelopment or marketing partners.
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