FTSE 100 biotech company Shire (LON:SHP) has made a $2.4 billion deal with international pharmaceutical company Servier for the sale of its Oncology business.

Shire chief executive Flemming Ornskov said that while the Oncology business had delivered “high growth and profitability, we have concluded that it is not core to Shire’s longer-term strategy”.

“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.”

Shire has already been the subject of some takeover speculation, with the CEO of Takeda, Japan’s largest drugs firm by sales, flying to the US last week to drum up shareholder support for an offer.