LEXINGTON, Massachusetts, June 30, 2010 /PRNewswire-FirstCall/ —
Shire plc (LSE: SHP, NASDAQ: SHPGY), the global specialty biopharmaceutical
company, today announced its purchase of the Lexington Technology
Park campus in Lexington,
Massachusetts. The purchase signifies an investment in the
growth of its Human Genetic Therapies (HGT) business, which focuses
on the discovery, development, and manufacturing of treatments for
rare genetic diseases.
Shire had previously leased three buildings on the 96 acre
campus, and owns the parcel of land on the site where its new
200,000 square foot manufacturing plant is located. The purchase
agreement is for the remaining land, including the three existing
buildings comprising 280,000 square feet. Through the acquisition,
Shire gains ownership of an additional 570,000 square feet of
expansion potential available under the current permit, including
170,000 square feet already under construction. The purchase is
value enhancing compared to the current lease agreement and has no
material earnings impact. The $165
million cash purchase price will be settled during Q2
2010.
“We are delighted to increase our presence in Massachusetts, which is one of the
world’s foremost centers for the biomedical and biopharmaceutical
industry,” said Sylvie Gregoire,
President of Shire Human Genetic Therapies. “Shire currently
employs 1,000 people in the Commonwealth. This strategic purchase
will allow our company greater flexibility as we grow, and enable
us to remain focused on the research, development and manufacture
of therapies for those suffering from ra
‘/>”/>
SOURCE
