Pharma BD Deal Intelligence

Servier / Shire plc (Oncology Business)

2018 · Asset Purchase · $2.4B · Complete

The Street Said

Positive — critic reaction at announcement

History Says

Worked — the deal delivered on its rationale

CALLED IT — OFF BY 18

Not just a good deal — the deal that created Servier's entire US oncology business, now generating well over $1.6B/year

Full analysis, sources & comparables →

The coverage arc

Apr 16, 2018 BioPharma Dive Neutral

BioPharma Dive cited Jefferies' Peter Welford on strategic logic and Cowen's Ken Cacciatore arguing that divesting just 2% of revenues was unlikely to deter a…

Apr 17, 2018 Nasdaq/Zacks Neutral

Coverage framed the timing as Shire monetizing a non-core franchise at a 9.2x revenue multiple ahead of Takeda's potential offer — a clean asset sale that also…

Jan 15, 2020 Clin Cancer Res (FDA Approval Summary) Neutral

Peer-reviewed FDA Approval Summary: calaspargase pegol-mknl (Asparlas) approved Dec 20, 2018 for pediatric/young-adult ALL (ages 1 month-21 yrs) under Servier…

Source summaries from our enrichment pipeline; follow links for originals.

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Servier acquired Shire's global oncology business for $2.4B cash, announced April 16, 2018 and completed August 31, 2018. Includes Oncaspar (pegaspargase, ALL), Onivyde ex-US (liposomal irinotecan, metastatic pancreatic cancer), calaspargase pegol (NDA pending at deal time; subsequently FDA-approved as Asparlas on December 20, 2018 under Servier Pharmaceuticals LLC), and two early-stage immuno-oncology collaborations. Establishes Servier's first direct US commercial presence via newly formed Servier Pharmaceuticals LLC in Boston. Revenue multiple of 9.2x 2017 sales of $262M.

Did it work? Outcome assessment

Not just a good deal — the deal that created Servier's entire US oncology business, now generating well over $1.6B/year

Strategic verdict

Achieved Stated Rationale

Pipeline outcome

Assets Advanced

Assessment window: 5yr post-close.

Key facts

Announced Apr 16, 2018
Closed Aug 31, 2018
Deal value $2.4B
Deal type Asset Purchase
Therapeutic area Hematology, Oncology
Indications Acute lymphoblastic leukemia, metastatic pancreatic cancer
Key assets Oncaspar (pegaspargase), Onivyde (irinotecan liposomal), Calaspargase pegol
Mechanism PEGylated L-asparaginase (Oncaspar/Calaspargase); liposomal irinotecan topoisomerase I inhibitor (Onivyde)

Related deals — scored

Deal	Year	Value	Outcome
Servier / Shire plc (Oncology Business) (this deal)	2018	$2.4B	88
Servier / Agios Pharmaceuticals (oncology)	2020	$2.0B	91
Servier / Edgewise Therapeutics, Inc.	2026	$2.6B	75
Servier / Symphogen A/S	2006	—	66
Servier / Symphogen A/S	2020	—	—
Servier / Pieris Pharmaceuticals, Inc.	2017	$1.7B	—
Servier / IDEAYA Biosciences, Inc.	2025	$530M	—

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More: 2018 deals · Servier deals · Hematology deals