Pharma BD Deal Intelligence

Shire plc / Jerini AG

2008 · Acquisition/Merger · $521M · Complete

Shire's ~$521M acquisition of Jerini closed despite an FDA non-approvable letter for Firazyr (icatibant), a hereditary angioedema drug with only EU approval in hand. It paid off big: US approval followed in 2011, and sales hit $663M by 2017—before generic competition eroded the franchise under new owner Takeda.

CALLED IT — OFF BY 5

A ~$521M bet on an FDA-rejected drug turned into a $650M+/year rare-disease blockbuster before generics caught up a decade later

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The coverage arc

Jul 03, 2008 BioSpace Neutral

Neutral deal coverage relying on company statements: Jerini chairman 'confident that Shire's commercial expertise will ensure its successful market…

Jul 03, 2008 SEC EDGAR - Shire 8-K Ex-99.1 (announcement press release) Bullish

FIRAZYR peak annual global sales expected to be around $350-400 million... Expected to be accretive for Non GAAP earnings by the second half of 2010; highly…

Jul 07, 2008 FierceBiotech Bullish

Shire's $521M takeover offer for Berlin-based Jerini secures Firazyr, a first-in-class bradykinin B2 antagonist for HAE, days after EU approval and adds a…

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EUR 328M; Firazyr (icatibant) hereditary angioedema; Berlin-based

Did it work? Outcome assessment

A ~$521M bet on an FDA-rejected drug turned into a $650M+/year rare-disease blockbuster before generics caught up a decade later

Strategic verdict
Achieved Stated Rationale

Key facts

Disease & market context

Hereditary Angioedema (HAE)

Disease Overview

Hereditary angioedema (HAE) is a rare genetic disorder caused by C1-esterase inhibitor deficiency that produces unpredictable, painful, and potentially life-threatening episodes of swelling in the skin, abdomen, and airway. Attacks can require emergency intervention, and prior to targeted therapies, treatment options were limited to fresh frozen plasma and supportive care.

Competitive Landscape

At the time of Shire's 2008 acquisition of Jerini, the HAE acute treatment landscape was nearly empty in the US. Cinryze (C1 esterase inhibitor, ViroPharma — later acquired by Shire in 2014) and Berinert (CSL Behring) were the principal C1-INH replacement products in development or early launch, while Kalbitor (ecallantide, Dyax) was advancing as a kallikrein inhibitor. Firazyr (icatibant), a first-in-class bradykinin B2 receptor antagonist, was differentiated by subcutaneous self-administration without IV infusion infrastructure. The European Commission approved Firazyr in July 2008, days after the Shire-Jerini deal was announced, and FDA approval followed in August 2011 after an initial not-approvable letter. The acquisition gave Shire a launch-ready European rare-disease asset that complemented its Human Genetic Therapies franchise (Replagal, Elaprase) and positioned the company to lead a category that has since expanded to include Takhzyro (lanadelumab, Takeda) and Orladeyo (berotralstat, BioCryst). The deal accelerated category creation and entrenched Shire as the dominant HAE commercial player by the early 2010s.

Related deals — scored

DealYearValueOutcome
Shire plc / Jerini AG (this deal)2008$521M85
Shire plc / Dyax Corp.2016$5.9B89
Shire plc / New River Pharmaceuticals Inc.2007$2.6B88
Shire plc / NPS Pharmaceuticals2015$5.2B78
Shire plc / Baxalta Inc.2016$32.0B77
Shire plc / ViroPharma Incorporated2013$4.2B58
Shire plc / Movetis NV2010$565M37

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