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Botox giant eyes Shire

IRISH-headquartered drug manufacturer Shire has been approached once again by Botox giant Allergan about a potential takeover.

After its first attempt was rebuffed by the Dublin-based company several months ago, Allergan has planned a fresh approach to $32bn (€23bn) Shire.

Shire, which employs around 100 people in Ireland primarily at offices in Dublin's Citywest, focuses on medication used to treat hyperactivity in children and rare diseases – drugs which analysts say would complement Allergan's portfolio nicely.

Merging with Shire could also see Allergan move its tax base to Dublin, meaning it would benefit from a significant tax cut. Its current corporation tax rate, based in the US, is around 30pc whereas this could be lowered to below 20pc if it moved to Dublin. Allergan already employs about 1,000 people in Ireland, mainly based at a manufacturing facility in Westport.