IN what is the first major corporate acquisition for 2015, Shire plc has bought US biotech firm NPS Pharmaceuticals for £3.4billion.

The global specialty biopharmaceutical company, which has a significant base in Basingstoke, expects the deal will to add to Shire’s earnings from 2016 as it strengthens its position in the rare diseases medicine market.

Yesterday’s announcement comes two months after a takeover deal for Shire from US rival AbbVie was abandoned.

Shire’s chief executive officer, Flemming Ornskov, said: “The acquisition of NPS Pharma is a significant step in advancing Shire’s strategy to become a leading biotechnology company.

“We look forward to accelerating the growth of the NPS Pharma portfolio based on our proven track record of maximizing value from acquired assets and commercial execution.

“The NPS Pharma organization will be a welcome addition to Shire as we continue to help transform the lives of patients with rare diseases.”

Shire, which is based at Unity Place, on Hampshire International Business Park, in Chineham, is paying £30 per share in cash for NPS, which specialises in drugs for gastrointestinal disorders.

This represents a 51 per cent increase to the price NPS’s shares were trading at on December 16 when speculation of a deal first emerged.

This was when Shire said it would look at potential deals after AbbVie dropped the UK firm from its plans.

Chicago-headquartered AbbVie was interested in buying Shire, which has large operations in the United States, to significantly reduce its tax bill, as it would have shifted its base Jersey, in The Channel Islands.

But a change in tax regulations in the United States made the deal less attractive.

It is hoped that the NPS Pharmaceuticals deal, will be completed by the end of the first quarter.