Shire plc (LSE: SHP, Nasdaq: SHPG) is buying Sarcode Bioscience Inc., a biopharmaceutical company.
Brisbane, Calif.-based Sarcode develops Lifitegrast, a medication that would help with symptoms of dry eye disease. Shire anticipates launching the medication in the U.S. as early as 2016.
Shire, based in Jersey, England, will make a $160 million payment for the deal, which was announced March 25. The company provides healthcare products for patients with behavioral health, gastro intestinal conditions and rare diseases.
Barclays acted as Shire’s financial adviser, while Davis Polk LLP acted as legal counsel. J.P. Morgan Securities LLC was Sarcode’s financial adviser, and Wilson Sonsini Goodrich & Roasati provided legal advice.
The transaction comes in the midst of many health care M&A deals, including Clinigen Group plc's (LSE: CLIN) purchase of Cardioxane and Valeant Pharmaceuticals International Inc.'s (NYSE: VRS) deal to buy Obagi Medical Products Inc.