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Shire to sell oncology unit to Servier for $2.4 billion

Shire PLC SHPG, -3.63% SHP, +1.07% on Monday said it has entered into an agreement to sell its oncology unit for $2.4 billion to privately held French pharmaceutical crew Servier S.A.S. The sale comes as the Dublin-headquartered Shire has concluded the unit is not core to its long-term strategy, said Flemming Ornskov, leader executive officer, in a observation. "We will continue to evaluate our portfolio for opportunities to unlock further value and sharpen our focus on rare disease leadership with selective disposals of non-strategic assets," Ornskov said. He added that Shire will consider returning the proceeds of the sale to shareholders via a buyback, but not until the tip of a present offer period associated with a conceivable takeover by way of Japan's Takeda Pharmaceutical Co. 4502, +2.14% Takeda announced those intentions remaining month.