Irish drug giant Shire (NASDAQ: [[ticker:SHPGY]]) is making a big push into regenerative medicine by shelling out $750 million in cash for Advanced BioHealing, according to a press release. Advanced BioHealing–which is based in Westport, CT, and has manufacturing and lab space in La Jolla, CA—makes Duragraft, a bio-engineered skin substitute used to treat diabetic foot ulcers. The product brought in $146 million in sales last year. Shire said in the statement that Advanced BioHealing “compliments Shire’s existing specialty focus and biologics manufacturing capability.” The deal comes just one week after Shire CEO Angus Russell told journalists in New York (including Xconomy) that the company is looking to boost its capabilities in regenerative medicine.
Author: Arlene Weintraub
Arlene is an award-winning journalist specializing in life sciences and technology. She was previously a senior health writer based out of the New York City headquarters of BusinessWeek, where she wrote hundreds of articles that explored both the science and business of health. Her freelance pieces have been published in USA Today, US News & World Report, Technology Review, and other media outlets. Arlene has won awards from the New York Press Club, the Association of Health Care Journalists, the Foundation for Biomedical Research, and the American Society of Business Publication Editors. Her book about the anti-aging industry, Selling the Fountain of Youth, was published by Basic Books in September 2010.
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