Shire PLC will acquire Pennyslvania-based ViroPharma Inc., as part of a strategic move to strengthen rare disease portfolio.
It is being reported that several large companies, including France's Sanofi, were interested in ViroPharma.
ViroPharma's lead drug is Cinryze, a $350,000-a-year treatment for hereditary angioedema. Cinryze will complement Shire's Firazyr, an on-demand treatment for acute attacks of hereditary angioedema, by providing long-term prophylactic prevention.
The sale is part of a wave of large drugmakers slashing non-core activities in order to free up funds to boost new drug pipelines through aquisitions.