Shire says it expects to meet estimates in 2013
NEW YORK (AP) — Irish drugmaker Shire PLC said Tuesday that it expects its net income to meet Wall Street estimates in 2013.
The company, based in Dublin, said it still thinks earnings grew at least 10 percent in 2012, and believes it will meet analysts' estimates of $6.69 per American depositary share. That figure is based on estimates compiled by Consensus Forecast Ltd.
Shire previously said it expected "sound" growth in 2013. U.S. shares of Shire rose $1.79 to $94.74 in midday trading.
Shire also said it will buy Lotus Tissue Repair Inc., a privately held company developing a treatment for a rare and potentially fatal skin disorder.
Terms of the deal were not disclosed. Shire said Lotus, based in Cambridge, Mass., is studying a protein replacement therapy intended to treat dystrophic epidermolysis bullosa, which is part of a group of inherited disorders characterized by very fragile skin and recurring blisters. There are no approved treatments for it, and Shire was already studying a dermal replacement therapy for patients with the disease.
Lotus' drug is in late preclinical development and has not been tested on people.
Epidermolysis bullosa is a group of rare genetic diseases caused by faulty genes involved in the production of a type of collagen. Dystrophic epidermolysis bullosa is one of the most severe types of the disease. According to the Mayo Clinic, dystrophic epidermolysis bullosa usually appears at birth or in early childhood. The National Institutes of Health says treatments are intended to prevent blisters and infections and treat swallowing difficulties caused by internal blisters.
Shire characterized it as an orphan disease, meaning it affects fewer than 200,000 people in the U.S.