Shire Sells Dermagraft To Organogenesis At $650M Loss

Law360, New York (January 17, 2014, 12:30 PM EST) -- Irish biopharmaceuticals company Shire PLC announced Friday that it has sold its skin substitute product Dermagraft to U.S.-based Organogenesis Inc. in a deal that pays Shire nothing upfront and leaves it with a $650 million loss.

Under the deal, Shire instead will be entitled to receive up to $300 million cash in total milestone payments should Organogenesis, a regenerative medicine company based in Canton, Mass., meet certain annual net sales targets for Dermagraft between now and 2018, Shire said in a statement.

The Dermagraft assets, valued...
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