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Shire disposes of diabetic leg ulcer treatment Dermagraft

Reuters - UK Focus

LONDON, Jan 17 (Reuters) - British pharmaceutical firm Shire (Dusseldorf: S7E.DU - news) said on Friday it had agreed to divest Dermagraft, a bio-engineered skin substitute used to treat diabetic foot ulcers, to Organogenesis for no upfront payment.

Shire (LSE: SHP.L - news) acquired Dermagraft in June 2011 through its $750 million purchase of privately held Advanced BioHealing, but the treatment failed to realise its development hopes when a late-stage trial to treat venous leg ulcers disappointed later that year.

The company said on Friday that the prospects for the product had reduced significantly following a recent Medicare ruling on reimbursement.

It said it would receive no upfront payment from Canton, Massachusetts-based Organogenesis for the assets, but it would be entitled to receive up to $300 million cash in total milestone payments if it meets sales targets.

It said it would record a loss on disposal of approximately $650 million in the fourth quarter of 2013, which will be excluded from Non GAAP earnings.