Drugmaker Shire buys bowel drug rights from Pfizer

[June 14, 2016]  (Reuters) - Irish drugmaker Shire Plc said on Tuesday it would buy from Pfizer Inc the rights to an experimental drug, designed to treat moderate-to-severe inflammatory bowel disease.

The drug, PF-00547659, has successfully completed mid-stage studies and late-stage trials are expected to begin after consultation with global health authorities, Shire said in a statement

Dublin-based Shire did not disclose the financial terms of the deal.

Inflammatory bowel disease is a condition that affects either part or all of the digestive tract and the cause of the disease is unknown.

(Reporting by Vidya L Nathan in Bengaluru, Editing by Anil D'Silva)

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