Transkaryotic Therapies, Inc. (“TKT”), a Massachusetts-based biopharmaceutical company acquired by Shire plc in 2005, has announced the preliminary settlement of the securities class action pending against the company in the D. of Mass. (The settlement was agreed to in Oct. 2007.)
The case, originally filed in January 2003, alleges that executives at TKT failed to disclose material adverse information regarding the prospects for FDA approval of Replagal, TKT’s drug for the treatment of Farbry disease. The settlement is for $50 million, with Shire contributing $27 million and the remaining $23 million paid by its insurers.
The 10b-5 Daily 