New US suitor is circling Shire

Marion Dakers
US drugs group AbbVie is said to have approached Shire about a potential takeover, becoming the latest American firm to circle a London-listed pharma group.

The companies had held talks in recent weeks following AbbVie's takeover approach, though a formal offer was not certain, Reuters reported last night. Shire has hired Citi to help it handle possible bids as US pharma firms seek to use their overseas cash for deals rather than take it home and have it taxed.