London • Takeover target Shire PLC is highlighting its potential as a standalone company, offering investors a rosy projection of its earnings potential that it believes is not reflected in either its share price or the takeover proposal made by U.S.-based drugmaker AbbVie.
Chief Executive Flemming Ornskov told analysts Monday that Shire should remain independent, and that it expects to more than double its 2013 annual product sales to $10 billion by 2020.
The company, which is known for its rare disease drugs, has rejected an unsolicited $46.2 billion offer from AbbVie Inc., arguing it fundamentally undervalues the company. Shire has rejected three overtures.
The offer comes at a time of intense speculation in the industry, as drugmakers look to grow or eliminate noncore assets while focusing on strengths.
Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.