BRITISH DRUG MANUFACTURER SHIRE has confirmed it received a C$266m (£146m) tax rebate from the Canadian tax authority, with a further C$174m yet to come.
Subject of a takeover bid from Canadian rival AbbVie, the windfall bolstered Shire’s position as it prepares to woo shareholders over the bid.
Shares in the FTSE100 company rose with the news, but started today down 17p at 4,553p per share, Accountancy Age‘s share price centre shows.
The company said on its website: “Shire intends to use the cash receipts to repay debt, providing Shire with increased capacity to invest in focussed business development activities.”
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Burnet is currently the head of KPMG’s Financial Services team in Scotland