Shire has entered into an agreement to acquire New River Pharmaceuticals, Inc. for approximately $2.6 billion in cash.

“We are delighted to be entering into this transaction with Shire, which will assume full responsibility for the commercialization of Vyvanse, as well as the development of our other pipeline compounds,” said Randal J. Kirk, New River’s founder, chairman and chief executive officer. “We are proud of the accomplishments of the New River team during the course of the past ten years, and have confidence in Shire’s commitment and ability to optimize the therapeutic and commercial potential of the New River portfolio. Shire has a proven track record of success in developing and commercializing products, as evidenced by the success of the Adderall XR franchise.”

The transaction has been approved by both companies’ boards of directors and is expected to close early in the second quarter.