StockMarketWire.com - Shire said it had sold its oncology business to France's Servier for $2.4bn (£1.7bn) as it looked to focus on treating rare diseases.

'While the oncology business has delivered high growth and profitability, we have concluded that it is not core to Shire's longer-term strategy,' chief executive Flemming Ornskov said.

'We will continue to evaluate our portfolio for opportunities to unlock further value and sharpen our focus on rare disease leadership with selective disposals of non-strategic assets.'

At 1:53pm: [LON:SHP] Shire PLC share price was +28.25p at 3634.75p

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