SHPG Shire Plc ADS, Each Representing Three Ordinary Shares

   By Tess Stynes 
 

Shire PLC (SHPG) said it acquired closely held Foresight Biotherapeutics Inc. for $300 million, gaining global rights to the New York-based firm's investigational treatment for infectious conjunctivitis--commonly known as pink eye.

The acquisition strengthens Shire's eye-care pipeline, which includes a treatment for dry-eye disease.

According to Shire's news release on Monday, there are roughly 5.9 million cases of infectious conjunctivitis in the U.S. and about 5.4 million cases in the European Union each year.

If approved by regulators, Foresight's treatment--known as FST-100--potentially would be the first agent to treat both viral and bacterial conjunctivitis, which the company said is significant because it is often difficult to distinguish between the two causes of the condition.

Write to Tess Stynes at tess.stynes@wsj.com

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