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Shire says remains in Baxalta hunt after rise in Q3 earnings

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 23 (Reuters) - Pharmaceutical firm Shire (Amsterdam: QB8.AS - news) said it was still pursuing its attempt to buy U.S (Other OTC: UBGXF - news) . company Baxalta (Berlin: 9BX.BE - news) as it posted a 11 percent rise in third-quarter earnings on Friday.

Shire (Xetra: S7E.DE - news) went public with its proposal to buy Baxalta, recently spun out of Baxter, in August, after it failed to generate much excitement among Baxalta's board for its plan to forge a global specialist in rare diseases.

Since then, a 24 percent drop in Shire's share price has made its all-share proposal much less appealing to Baxalta's shareholders.

"We continue to believe the proposed acquisition of Baxalta represents a highly strategic combination, delivering an expected $20 billion in sales by 2020 and a world-leading rare diseases portfolio," Chief Executive Flemming Ornskov said.

Shire posted third-quarter revenue of $1.66 billion, up 4 percent. Non-GAAP diluted earnings per share, its preferred measure, grew 11 percent to $3.24. (Reporting by Paul Sandle; editing by Jason Neely)