Biopharmaceutical firm Shire benefits from shift to Ireland

Source: Healthcare Digital

Date :21/07/2008 09:32:42

Leading biopharmaceutical company Shire said it has significant tax savings by moving its headquarters away from the UK.

Angus Russell, the head of Shire told the Financial Times that the pharmaceuticals company had made significant savings from its spring relocation.

“Shire wants to be a good corporate citizen and wants to see science continue to thrive,” But he stressed: “My job is to provide the most efficient tax structure for my shareholders.”

FTSE 100-listed Shire shifted its domicile shift to Ireland in April ahead of controversial new tax legislation introduced earlier this year in the UK.

Russell said Shire’s new tax structures, and those already in place at German biotech Jerini AG meant it would avoid paying extra tax that would have been imposed under the new 2008 UK rules.

Shire acquired Jerini earlier this month for £260 million.